For the 1990 second quarter ended June 30, Crown Resources (VSE) reported a net loss of US$0.8 million, or 7 cents per share. Net income for the first half totalled US$2.2 million or 18 cents per share and includes a gain from the US$5 million paid by Battle Mountain Gold (NYSE) for an option on the Crown Jewel property in Washington state.
Gold sales totalled 4,972 oz. for the second quarter for revenue of US$1.8 million while gold production was 7,718 oz. from Crown’s 30% share in the Kettle River mine operated by Echo Bay Mines (TSE) in Washington. Crown expects its share of production for 1990 to total 30,000 oz. of gold.
The company noted cash production costs at Kettle River averaged US$226 per oz. for the first half of 1990 and were US$207 per oz. for the second quarter.
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