Pancana Minerals reports net earnings of $1,146,000, (24 cents a share after allowing for preferred share dividends) in the 6-month period ended June 30, compared with earnings of $2,008,000 or 50 cents a share, in the similar period last year.
The company notes that 1985 operations included oil and gas as well as gold.
The earnings figure in the six months was increased from $793,174, as a result of an extraordinary tax benefit in the period, Pancana also notes.
Revenues for the six months were $5,397,000, compared with revenues of $5,199,000 in the corresponding 1985 period. Cash flow was $1,323,000 compared with $2,557,000 last year.
Pancana says gold production in the six months from its 50% interest in the Goldstrike joint venture, Nevada, was 10,250 oz compared with 11,955 oz produced in the first half of 1985.