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NESMONT REPORTS 1991 RESULTS

 NESMONT REPORTS 1991 RESULTS
 LADNER, British Columbia, May 4 /PRNewswire/ -- The Nesmont


Industrial Corporation today announced that net earnings amounted to $248,325, equal to $.022 per share, for the year ended Dec. 31, 1991. This compared with net earnings of $53,180, or $.006 per share, in 1990. Total sales rose nearly fourfold to $28,776,359 compared with $7,504,058 the previous year.
 William Nestor, president, noted that Nesmont, as a low cost, high yield refiner of precious metals, was attracting significant new business from large U.S. mining companies in the Northwest and as a result, had scaled up operations substantially starting in mid-1991.
 Nestor continued: "Our sales in the last half of the year totalled nearly $23 million versus approximately $4 million for the same period of 1990, and we currently have $80 million in signed contracts in hand with another $100 million in contracts under negotiation. The company has retained Kemper Securities Group, Inc. as its investment banker in the U.S. to arrange new financing to support the growth of the business. The success of this transaction will provide the company with access to significantly lower cost capital to pursue its expansion and profitability goals."
 Nestor concluded that the company had applied for listing on the American Stock Exchange and on NASDAQ and was in the process of registering its shares in the U.S. with the filing of a Form 20F Report with the Securities and Exchange Commission.
 NESMONT INDUSTRIAL CORPORATION
 Consolidated Statement of Operations
 (Audited, In Canadian dollars)
 Year ended Dec. 31 1991 1990
 Sales $28,776,359 $7,504,058
 Cash flow 944,402 594,465
 Net earnings 248,325 53,180
 Earnings per share .022 .006
 Shares issued and outstanding 11,498,041 8,547,013
 -0- 5/4/92
 /CONTACT: William K. Nestor, president of Nesmont Industrial, 604-946-2266/
 (NES.) CO: Nesmont Industrial Corporation ST: British Columbia IN: SU: ERN


SM-OS -- NY034 -- 5933 05/04/92 10:33 EDT
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Publication:PR Newswire
Date:May 4, 1992
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