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Gold/Mining/Energy : Wheaton River Minerals (WRM Toronto)
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To: Michael Markham who wrote ()1/21/2000 12:12:00 PM
From: Grislee bear  Read Replies (2) of 350
 
RECORD earnings! this stock is very CHEAP!!!

Wheaton River year-end results

Wheaton River Minerals Ltd WRM
Shares issued 40,242,007 Jan 20 close $0.36
Fri 21 Jan 2000 News Release
Mr. Ian McDonald reports
Wheaton River had record net earnings of $7.6-million or 19 cents per share
for the year ended Dec. 31, 1999. Net earnings increased by $5.8-million in
1999 compared with the $1.8-million or five cents per share recorded in
1998. The 1999 earnings increase resulted mainly from significantly
increased gold production at the Golden Bear mine. The company generated
cash flow from operating activities of $13.1-million or 32 cents per share
in 1999 compared with $6.3-million or 16 cents per share in 1998.
Gold production from the Golden Bear mine nearly doubled in 1999 to 71,300
ounces. Realized prices also increased to $314 (U.S.) per ounce in 1999,
from $287 (U.S.) per ounce in 1998. The higher production resulted in a
113-per-cent increase in sales revenue to $33.3-million, from $15.6-million
in 1998.
Total cash costs in 1999 were $162 (U.S.) per ounce compared with $147
(U.S.) in 1998. Total cash costs for both years were significantly lower
than the $203 (U.S.) estimated in the original feasibility study. This was
mainly because of higher grades mined from the Ursa deposit and better than
expected recoveries on all ore. In 1999 costs were slightly offset by a
higher waste stripping ratio in the Ursa pit.
Cash at the end of the year was $12.3-million, compared with $5.8-million
at the end of 1998. Working capital at year-end increased to $14.6-million,
compared with $7.9-million at the end of the previous year.
The company continued to advance the Bellavista gold project in Costa Rica
during 1999 by completing a positive feasibility study. Approximately
$3.2-million was spent on the project during the year, compared with
$4.3-million in 1998. Wheaton River is currently negotiating project
financing and expects to be in a position to announce financing
arrangements before the end of the first quarter.
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