Gold for $88 an oz. at David Bell mine

Low production costs of $88 per oz. at the David Bell mine and $198 at the Williams mine, both in the Hemlo camp of northern Ontario, helped Teck (TSE) maintain first-quarter earnings of more than $20 million. The two gold mines produced 97,620 oz. and 151,717 oz. gold respectively during the 3-month period, compared with 61,298 oz. and 102,336 oz. one year ago. The high production coupled with low costs increased Teck’s 50% share of operating profit (Corona (TSE) owns the other half) from the two mines to $38.5 million compared with $19.8 million in the first quarter of 1989. This profit was offset by a sharp drop in Teck’s share of Cominco’s (TSE) net earnings from $11.5 million a year ago to $1.7 million in the first quarter of 1990, largely a result of lower zinc and copper prices and reduced production from the Trail smelter. As a result, Teck’s total first-quarter earnings dropped to $24 million (29 cents per share) from $28.5 (35 cents per share) in the same period last year.

Meanwhile, Teck, along with Metall Mining (TSE) have purchased 30,000 shares of Cominco, increasing their stake in the base metal producer to 13.9%. Teck’s subsidiary, Nunachiaq, already owns 22 million shares in Cominco, representing a 27.7% stake. The three companies combined, therefore, now own 41.7% of Cominco’s outstanding shares. Teck says the purpose of the purchase is to increase each company’s proportional share of Cominco.006 0508,0206,0304,0008 Teck (TSE) $000s except per-share items Quarter ended Mar. 31 1990 1989 Revenue $120,000 $102,000 Net earnings 24,000 28,500

per share 29 cents 35 cents004