Queenston Mining pulls out of the red in 1990

Increased royalty revenues from its Kirkland Lake properties adjoining the Macassa mine have lifted Queenston Mining (TSE) first- quarter results out of a loss of $33,863 for 1989 and into a 1990 profit of $25,480. Royalty income from the Macassa properties totalled $88,086, representing 68% of the company’s total revenues of $129,529 for the quarter. Recently, LAC Minerals (TSE) doubled its ore reserve calculations on the Queenston ground to 288,870 tons grading 0.49 oz. gold per ton, and is now concentrating on development of the Queenston West property.

Queenston is debt-free and, as of March 31, had working capital of $1.55 million. Projected cash flows for fiscal 1990 are estimated at $800,000. Queenston Mining (TSE) $000s except per share items Quarter ended Mar. 31 1990 1989 Revenue $129.5 $76.7 Net earnings (loss) 25.5 (33.9 )

per share 0.002 (0.003 )