Cathedral results show improvement

Figures for the first nine months of 1996 indicate an improved performance by Cathedral Gold (CAT-T).

The junior earned $290,000 (or 2 cents per share) over the period, compared with a loss of $941,000 (7 cents per share) for the first nine months of 1995.

On a quarterly basis, however, Cathedral is not yet out of the red. A loss of $55,000 was reported for the recent third quarter, compared with a loss of $401,000 a year ago.

The company’s 90%-owned Sterling mine at Beatty, Nev., has so far produced 12,762 oz. gold in 1996, surpassing the year’s target of 11,500 oz. The mine is operating at low levels of proven and probable reserves, which were last estimated at 129,291 tons grading 0.25 oz. gold per ton.

“We’re pleased with the mine’s performance, but, because of the low reserves, we’re monitoring the property closely,” says President Michael Jones. “This is typical of small-scale mines — they tend to be hand-to-mouth operations.” The U.S. subsidiary of Placer Dome (PDG-T), which has a 10% stake in Sterling, is currently conducting deep drilling at the property.