Orofino takes loss over nine months

The high cost of milling the remaining ore from the Scadding property near Sudbury, Ont., has resulted in a net loss for Orofino Resources (TSE) in the nine months ended June 30. Orofino reported a loss of $710,000 (3 cents per share) for the period, compared with a loss of $643,000 (3 cents per share) for the nine months ended June 30, 1989. The company ceased operations at the Scadding mill in late July after depleting the ore stockpile.

Orofino will continue to receive payments from concentrates until late November. The mill, which produced 4,700 oz. of gold during the 9-month period, is being dismantled and the site rehabilitated.

With $2 million in cash, Orofino plans to acquire an interest in another gold-producing operation. The company is also actively exploring for massive sulphide type mineralization around Kirkland Lake, Ont. Orofino Resources (TSE) 9 months ended June 30 1990 1989 Revenue $2,220 $1,946 Net earnings (loss) (710 ) (643)

per share (0.03 ) (0.03)