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Gold/Mining/Energy : BLACK HAWK (TSE:BHK)
BHK 9.560+0.2%Dec 3 4:00 PM EST
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To: nammir chucri who started this subject11/17/2000 9:45:57 AM
From: Stephen O  Read Replies (1) of 545
 
Q3 results, enjoy Earnings more than dot coms can say
BLACK HAWK MINING INC. (TSE-BHK) announces a significant increase
in earnings and cash flow due to reduction in costs for the third
quarter and the first nine months of 2000. All dollar amounts are
stated in U.S. dollars, unless otherwise noted.

Black Hawk's net income for the third quarter of 2000 was $0.9
million (CDN$1.4 million) or $0.01 per share (CDN$0.01) on
revenue of $6.9 million, compared to a net loss of $1.1 million
or $0.01 per share on revenue of $7.9 million for the same period
in 1999. The increase in net income of $2.0 million was due to
the reduction in cash operating expenses of $2.8 million and
other expenses by $0.1 million offset by a reduction in revenue
of $0.9 million. Cash operating costs per ounce decreased from
$217 in 1999 to $147 in 2000. Gold production decreased from
30,448 ounces in 1999 to 25,780 ounces in 2000. The realized gold
price in the third quarter of 2000 was $268 which was $10 per
ounce higher than in 1999.

Cash flow from operating activities during the quarter, before
working capital changes, was $2.0 million (CDN$3.0 million) or
$0.01 per share (CDN$0.02), compared to $0.3 million or $0.00 per
share in the comparable period in 1999.
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