Consolidated earnings of $923,000 were reported by Giant Yellowknife Mines (TSE) for the first nine months of 1990, compared with $2.9 million for the same period last year. During the third quarter, earnings were $725,000 compared with $2.4 million last year. Gold output during the first nine months, at 144,037 oz., was down more than 3,600 oz. from last year, while third-quarter production, at 57,047 oz., was slightly up from 1989.
The company says operating costs during the third quarter averaged $406 per oz. compared with $428 last year.
Grades have improved at the company’s Yellowknife camp in the Northwest Territories and tonnage has been above expectation, Giant says. At its Timmins operations, the company says mill throughput during the third quarter was reduced because of continuing problems with the surface crusher (until the unit was replaced in August) and bottle-neck problems related to expanding the throughput to 3,400 tons per day.
The Yellowknife tailings retreatment project suspended mining operations Oct. 10 because of cold weather. The company says the project recorded an operating profit before depreciation and amortization of $2.3 million to Sept. 30 compared with a break-even position to the same date in 1989.
Giant is part of the Pamour group of companies which was put up for sale by its Australian owners this year. Royal Oak Resources (TSE) has made a $33-million offer to acquire control of the Pamour group. Giant Yellowknife Mines (TSE) 3 months ended Sept. 30 1990 1989 Revenue $29,933 $32,726 Consolidated earnings 725 2,398
per share 0.09 0.29 9 months ended Sept. 30 Revenue $76,236 $90,123 Consolidated earnings 923 2,942
per share 0.11 0.35
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