Euro-Nevada Mining Corporation Limited
TORONTO, Aug. 3 /CNW/ - Unaudited financial results for the quarter ended
June 30 are as follows:
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STATEMENT OF EARNINGS 1999 1998 % CHANGE
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Revenues $ 26,562,000 $ 12,050,000 120%
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Net earnings after tax $ 10,611,000 $ 5,833,000 82%
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Earnings per share $ 0.10 $ 0.06 67%
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BALANCE SHEET
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Debt Nil Nil N/A
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Working capital $ 477,519,000 $ 349,929,000 36%
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Euro-Nevada Mining Corporation Limited (TSE:EN) reports record revenues
and earnings for the quarter ended June 30, 1999, despite gold having dropped
$52 from June 30, 1998. Euro's 50% owned Ken Snyder Mine was a major
contributor during the quarter, producing 54,846 ounces of gold and 543,716
ounces of silver or 65,720 gold equivalent ounces. Cash operating costs
totalled US$86 per equivalent ounce of gold and total production costs,
including depletion, depreciation, amortization, state taxes and reclamation
costs were US$134 per equivalent ounce. Investment income grew 36% as a result
of higher cash balances.
Partially offsetting the strong performance at Midas was an 8% production
drop from the Meikle Mine as well as lower revenues from several other
royalties due to the fall in the price of gold. Depletion expenses increased
with the Ken Snyder Mine coming on stream.
Euro-Nevada is a leading international gold company with a 50% interest
in the Ken Snyder Mine and royalties in the foremost gold producing regions of
North America, including the Carlin Trend, Getchell Trend, Hemlo and Eskay
Creek. Euro-Nevada also holds producing gold royalty interests in Australia
and Indonesia.
%SEDAR: 00002194E
-0- 08/03/1999
For further information: euro-nevada.com; Ron Binns, Chief Financial Officer, (416) 480-6490; David Harquail, Senior Vice-President, (416) 480-6497
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