A strong fourth quarter and record gold production led Battle Mountain Gold (NYSE) to post net income for 1995.
After quarterly dividends, Battle Mountain earned US$512,000 (or 1 cents per share) during the last quarter of 1995, compared with US$319,000 for the same period in 1994.
Net income for 1995 reached US$7.8 million (9 cents per share), compared with US$2.1 million (2 cents per share) for 1994.
Gold production rose 19% to a record 579,000 oz., up from 486,000 oz. in 1994. Average cash costs were US$202 per equivalent ounce (little changed from the previous year).
“The company is on-track for good growth and stable operating costs over its 5-year horizon,” explains Battle Mountain Chairman Karl Elers.
Battle Mountain and partner PosGold Operations plan to delineate mineralization at the Vera vein in Queensland, Australia.
Battle Mountain is also involved in numerous South American projects: Metallurgical testing will be carried out at the Llallagua sulphide gold deposit, near the 88%-owned Kori Kollo gold mine in Bolivia; current field work is evaluating known gold occurrences in Chile; and shallow drilling and trenching are testing a porphyry project in Argentina.
In Irian Jaya, Indonesia, Battle Mountain holds five large exploration blocks under a joint-venture agreement. The Kuiri gold prospect and the Siduarsi nickel-cobalt prospect are attracting particular interest.
In addition, the company is evaluating joint-venture opportunities in Carlin-type gold districts in China’s Guizhou province.