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CROWN ANNOUNCES IMPROVED SECOND QUARTER RESULTS

 DENVER, Aug. 9 /PRNewswire/ -- Crown Resources Corp. (NASDAQ-NMS: CRRS) today reported a second quarter 1993 net loss of $409,000 or 3 cents per share, compared with a net loss of $1,552,000, or 12 cents per share for the second quarter of 1992. Included in second quarter 1993 and 1992 results were non-cash charges of $411,000 and $481,000, respectively, relating to property abandonments.
 For the first half of 1993, the net loss was $781,000, or 6 cents per share, compared with a net loss of $2,777,000, or 22 cents per share, for the like period in 1992.
 Second quarter results improved significantly due to lower operating, administrative and interest expenses. Additionally, higher gold prices resulted in favorable adjustments to bullion inventories which had previously been written down to lower market prices.
 Revenues of $281,000 for the second quarter of 1993 consisted primarily of royalty income, as the company elected to defer sales of its bullion inventories into future periods. Crown withdrew from the Kettle River Joint Venture in December 1992 and has no current gold production. During the second quarter of 1992, Crown's revenues of $2,625,000 included sales of 6,800 ounces of gold at an average realized price of $340 per ounce, as well as royalty income of $259,000.
 General and administrative expenditures of $396,000 for the second quarter of 1993, compared with $644,000 for the like period in 1992, reflect the lower spending levels anticipated during 1993. Interest expense of $241,000 for the current quarter was substantially reduced from the prior year due to elimination of the $21 million debt associated with Crown's prior ownership interest in the Kettle River Project.
 Crown is listed on the NASDAQ National Market System under the trading symbol CRRS and on the Toronto Stock Exchange under the symbol CRO.
 CROWN RESOURCES CORP.
 Condensed Consolidated Balance Sheets
 (Unaudited)
 (in thousands)
 June 30, Dec. 31,
 1993 1992
 Assets
 Cash and cash equivalents $1,912 $1,880
 Inventories 2,466 3,974
 Other current assets 258 676
 Property, net 22,862 22,457
 Other assets 1,853 1,917
 Total assets $29,351 $30,904
 Liabilities and Stockholders'
 Equity
 Current liabilities $872 $1,772
 Long-term liabilities 15,789 16,150
 Stockholder's equity 12,690 12,982
 Total liabilities and
 stockholder's equity $29,351 $30,904
 Condensed Consolidated Statements of Operations
 (Unaudited)
 (in thousands, except per share amounts)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Revenues $281 $2,625 $1,469 $3,560
 Costs and expenses:
 Production costs --- 2,300 616 2,889
 Depreciation, depletion
 and amortization 34 911 471 1,610
 General and administrative 396 644 790 1,230
 Interest expense 241 615 482 1,229
 Abandonments 411 481 414 686
 Other, net (184) (1) (183) 97
 898 4,950 2,590 7,741
 Loss before income taxes (617) (2,325) (1,121) (4,181)
 Income taxes (208) (773) (340) (1,404)
 Net loss $(409) $(1,552) $(781) $(2,777)
 Net loss per share $(0.03) $(0.12) $(0.06) $(0.22)
 Average shares
 outstanding 12,770 12,524 12,656 12,426
 -0- 8/9/93
 /CONTACT: John A. Labate, 303-295-2171; or Debbie W. Mino, 713-682-4070, both of Crown Resources/
 (CRRS)


CO: Crown Resources Corp. ST: Colorado IN: MNG SU: ERN

BB -- DV002 -- 0641 08/09/93 09:30 EDT
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Publication:PR Newswire
Date:Aug 9, 1993
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