The latest results for gold and silver producer Asamera Minerals (TSE) show a turn for the better with net income of US$4.23 million for the 1991 second quarter ended June 30. This compares with a loss of US$227,000 in the second quarter of 1990.
Earnings for the first half totalled US$4.16 million, compared with a loss of US$7.19 million last year. Results for the first half of 1990 included a charge of US$6.94 million relating to changes in accounting policies. Metal shipments during the first half for Asamera’s account totalled 37,002 oz. gold and 105,242 oz. silver, compared with 38,080 oz. gold and 239,151 oz. silver in the first six months of 1990.
Asamera noted that the decline in production was primarily the result of lower ore grades at the Gooseberry underground mine in Nevada as well as the phasing out of tailings heap leach operations.
The company received an average of US$401.92 per oz. for its gold production during the first half and US$4.01 per oz. for silver production. This compares with an average of US$409.71 per oz. for gold and US$6.19 per oz. for silver production in the same period last year.
Cash flow before exploration expenses was US$3.78 million for the six months.
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