Louvem Mines Inc. Jean-Guy Rivard Pres (514) 397-1410 (514) 397-8620 (FAX)
ME;TSE SYMBOL: LOV NOV5,96
Louvem Mines Inc. : 3rd Qtr Results
MONT, QUE--Louvem Mines Reports its 1st significant quarterly profit.For
the quarter,Louvem earned $409,000 or $0.02/share on revenues of $1,492,000.
For the 9 month period,Louvem earned $490,000 or $0.02/share on revenues
of $4,451,000.There are no comparative figures for last year because Louvem
became a producing company in January of this year when the 50% owned
Beaufor Gold Mine was put into commercial production.
Production from the Beaufor Mine this quarter was 5,674 ounces from 20,311
tons milled for a recovered grade of 0.279 ounce/ton.Since start up,the
mine has produced 16,891 ounces from 70,083 tons milled for a recovered
grade of 0.241 ounce/ton.The mine has experienced consistent improvements
in throughput,grade and operating costs since start up.The cash operating
costs for the last quarter were $356 CDN ($263 US)/ounce.
Current proven and probable reserves at Beaufor are 632,000 tons at 0.257
ounce/ton, which is at least 5 years ahead at a production rate of
120,000 tons per year.Furthermore, ongoing mine exploration and development
should extend the life of this mine.
The Beaufor Mine production should come close to 25,000 ounces in 1996.
Louvem looks forward to a profitable future.Continued good cash flow will
allow Louvem to rebuild its working capital and to invest in its holdings
of attractive exploration properties.
/T/
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THREE MONTH THREE MONTH
PERIOD ENDED PERIOD ENDED
SEPTEMBER 30, 1996 SEPTEMBER 30, 1995
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Revenues $ 1,492,127 $ 2,466
Net earnings (loss) $ 409,235 $(202,858)
Net earnings (loss)
per share $ 0.02 $(0.01)
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NINE MONTH NINE MONTH
PERIOD ENDED PERIOD ENDED
SEPTEMBER 30, 1996 SEPTEMBER 30, 1995
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Revenues $ 4,451,017 $ 24,048
Net earnings (loss) $ 489,536 $(737,632)
Net earnings (loss)
per share $ 0.02 $(0.03)
Cash and equivalents $ 1,583,299 $ 712,313
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michelle this is a small mse co. that has just made it's 1st signif.
profits of 2cents for this qtr. they are looking to produce 8,000
ounces for this coming qtr. 25,000oz. -16,000 oz. profit would be
approx. 2 cents again.
the last years eps is only 1cent but the last qtr shows the
momentum is there with increasing production to come.
cost per oz 263$/oz gold (380$/oz.) 117$*8000oz=936,000$
approx. figure of 4th qtr. this would be about 4cents/share.
assuming no increase in costs or loss of tons mined. |
