For the first three months, yes,
ended March 31, 1999 were $0.3 million or $0.01 per share compared to
$0.7 million or $0.02 per share in the first three months of 1998. Cash flow was $1.9 million or $0.06 per
share in the first quarter of 1999 compared to $2.1 million or $0.07 per share in the same period in 1998.
Despite the difficult times in the mining business, River Gold managed to stay profitable and generated
respectable cash flow in the first quarter of 1999.
During the first quarter of 1999, the Eagle River mine produced 21,000 ounces of gold from 61,100 tonnes
of ore milled at a recovered grade of 10.70 grams of gold per tonne. Cash costs in the first quarter of 1999
were $US205 per ounce of gold produced compared to $US196 per ounce of gold produced in the same
period in 1998. The increase in operating costs reflects the fact that mining and developing are occurring
at deeper levels at both the Eagle River and the Edwards Mines.
Gold production from Eagle River was 20,420 ounces and from Edwards was 580 ounces in the first
quarter. Development and mining at Edwards continued throughout the quarter with milling planned to
start in the second quarter.
In the first quarter of 1999, there were several important highlights. Recently completed underground
drilling at the Eagle River Mine encountered some very high grade gold values in the Number 6 Zone
across a strikelength of 150 metres and between depths of 375 and 450 metres. The results are very
encouraging because of their high grade and the identification of multiple parallel zones. This drilling
confirms the depth extension of the Number 6 Zone, which remains open to the west and at depth.
The mill expansion from 600 tonnes per day to 900 tonnes per day is progressing very well. This project
which is budgeted at $1.2 million involves installing a ball mill, replacing the gold presses, repairing the
existing filters, adding a fourth filter and modifying the solutions and slurry circuits. The expanded mill
should be fully operational in July 1999.
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cash cost of 205,
they where even paying dividend.
its one of stocks, that IMO will really take off, if gold can ever break lose, I gave up on hoping.
take what comes.
Hope they can list on US market, I sure like the area they are at.
XXXXXXXXXXX
Don't say I never warned you are this hot , possible internet stock,
its KNSC, otc:bb
went from .25 to 4 bucks, back to 2 bucks. take a peek.
they are actually showing earning too. |
