CoCa Mines reports decline in earnings

The 1988 earnings include a gain on the sale of stock in Equity Silver Mines (TSE) amounting to $2.38 million compared to a similar gain of $3.64 million in 1987. CoCa Mines retains a 5% interest in the common stock outstanding of Equity Silver, a Canadian silver- gold producer.

Along with interests in numerous other projects in the western U.S., CoCa Mines has a 74% interest in and operates the Cactus Gold Mine joint venture in California which produced 23,700 oz of gold in 1988. The heap leach operations produced a gross operating profit of $517,200 on revenues of $10.6 million before exploration costs, but after depletion, depreciation and amortization.

Production is forecast to be 55,000-60,000 oz of gold and its silver equivalent in 1988 from the Middle Butte and Shumake mines currently operated by Cactus Gold.

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