Earnings reported by CoCa Mines (TSE) for the third quarter ended Sept. 30 declined to US$52,700 from earnings of US$255,000 in the third quarter of 1989. The sale of the company’s remaining position in Equity Silver Mines (TSE) kept CoCa from slipping into the red with a net pretax gain on the sale of US$350,000.
Third-quarter production at the company’s 74% owned Shumake and Middle Butte mines dropped to 14,600 oz. from the 16,000 oz. produced in the year-earlier period. The drop was a result of the depletion of reserves at the Middle Butte which produced only 400 oz. in 1990 compared to 4,200 oz. in 1989.
Average operating costs in the third quarter dropped to US$215 per oz. from US$259 per oz. CoCa estimates that 1990 gold production will total about 58,000 oz. CoCa Mines (TSE)* 3 months ended Sept. 30 1990 1989 Revenue $5,881 $6,322 Net earnings 52 255
per share 0.00 0.02 9 months ended Sept 30. Revenue $18,406 $16,853 Net earnings (loss) 1,438 (50)
per share 0.11 0.00
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