Printer Friendly

CORNUCOPIA RESOURCES LTD. ANNOUNCES RESULTS FOR FISCAL YEAR ENDED DECEMBER 31, 1992

 VANCOUVER, British Columbia, April 5 /PRNewswire/ -- Cornucopia Resources Ltd. (NASDAQ: CNPGF; Toronto: CNP) recorded net earnings of US $6,003,839, or $0.31 per share, for the fiscal year ended Dec. 31, 1992, largely because of the proceeds from the sale of one half of the company's 50 percent interest in the Ivanhoe property to Newmont Mining Corp.
 Operating profits continued to be generated by gold production from the leach pads at the Hollister mine. Since the commencement of the Newmont/Cornucopia Ivanhoe mining venture on June 23, 1992, a total of 14,662 ounces of gold have been produced, of which 3,666 ounces were for the company's account. The average cost of production for the period was US $120 per ounce, and the average selling price was US $343.40 per ounce. Production from the leach pads is expected to continue throughout 1993 and should generate sufficient cash to meet the company's share of the US $2.9 million exploration program planned for this year at the Ivanhoe property in Nevada's Carlin Trend. Weather permitting, drilling will commence in April 1993.
 CORNUCOPIA RESOURCES LTD.
 Consolidated Statements of Operations and Deficit
 (Stated in U.S. Dollars)
 Years Ended Dec. 31,
 1992 1991
 Gold sales $1,259,706 ---
 Production costs 439,192 ---
 Gross profit from mining
 operations 820,514 ---
 Interest and other income 199,745 211,654
 Total 1,020,259 211,654
 Corporate general and
 administrative expenses 1,260,589 1,020,060
 Write-down and loss on
 investments 122,416 750,000
 Abandonment and write-down
 of mineral properties and
 deferred costs 5,400 219,073
 Total 1,388,405 1,989,133
 Loss before the undernoted (368,146) (1,777,479)
 Gain on sale of Ivanhoe
 property 6,900,000 ---
 Income (loss) before income
 taxes 6,531,854 (1,777,479)
 Income taxes 528,015 ---
 Net earnings (loss) for the
 year 6,003,839 (1,777,479)
 Deficit, beginning
 of year (14,740,348) (12,962,869)
 Deficit, end of year ($8,736,509) ($14,740,348)
 Earnings (loss) per share $0.31 ($0.09)
 Weighted average number of
 common shares outstanding 19,513,824 19,370,540
 -0- 4/5/93
 /CONTACT: Karyn E. Bachert, corporate secretary of Cornucopia Resources, 604-687-0619/
 (CNPGF)


CO: Cornucopia Resources Ltd. ST: British Columbia IN: MNG SU: ERN

JB-LS -- LA034 -- 3212 04/05/93 17:09 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 5, 1993
Words:395
Previous Article:IACOCCA NOMINATED MGM GRAND BOARD
Next Article:JESSE SPERRY PROMOTED TO VICE PRESIDENT OF ADMINISTRATION FOR STUDIO FACILITIES OF UNIVERSAL CITY STUDIOS INC.
Topics:


Related Articles
CORNUCOPIA RESOURCES LTD. ANNOUNCES AGREEMENT
CORNUCOPIA RESOURCES LTD. NEGOTIATES OPTION TO ACQUIRE INTEREST IN MARY-DRINKWATER GOLD DEPOSIT
CORNUCOPIA RESOURCES LTD. ANNOUNCES CORRECTION OF AVERAGE GRADE OF GOLD PER TON
CORNUCOPIA RESOURCES LTD. EXTENDS ACQUISITION OPTIONS
CORNUCOPIA RESOURCES LTD. ANNOUNCES UPDATE ON OPTIONS
CORNUCOPIA RESOURCES LTD. REPORTS ON IVANHOE AND MARY-DRINKWATER PROJECTS
CARLIN RESOURCES CORP., CORNUCOPIA RESOURCES LTD. JOINT NEWS RELEASE
CORNUCOPIA RESOURCES LTD. ANNOUNCES THE APPOINTMENT OF VICE PRESIDENT, MINING
NEWMONT TO WRITE OFF IVANHOE INVESTMENT
ATTENTION BUSINESS EDITORS:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters