Golden Knight nets $2.5 million in ’89

For the year ended Dec. 31, Golden Knight Resources (TSE) reported net earnings of $2.5 million or 21 cents per share on revenue of $11.7 million. Revenue during the company’s first year of mining operations included $10.2 million from the Casa Berardi East gold mine in northwestern Quebec. Golden Knight owns a 40% interest in that mine operated by Inco (TSE) which holds a 60% interest. Gold production from the mine last year totalled 53,557 oz., of which Golden Knight’s share was 21,422 oz.

The company remains in a strong financial condition with $9.1 million in cash at year-end and no debt. All currently planned exploration and development costs, including the company’s share of capital costs for the new Casa Berardi West mine, will be funded out of cash on hand and cash flow from operations. The new mine is scheduled for completion this month.