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Gold/Mining/Energy : Vista Gold (VGZ)

VGZ 1.645

+2.2%

Nov 7 3:59 PM EST

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To: Richard Mazzarella who wrote (222)	6/8/1998 10:43:00 PM
From: PaulM	Read Replies (1) of 379

Richard, the balance sheet I'm looking at shows $2.1 mill earnings in the Q ended March 31, 1988 as against a $.7 mill loss a year earlier. $3.2 mill of liquidated forward position was applied in the 1st Q '98 in which we got $2.1 mill earnings, so we would have been looking at 1 mill loss without the liquidated forward positions. Not counting the liquidated hedge, earnings were worse than a year ago ($1 mill loss vs. $.7 mill loss) despite higher revenues and lower mining costs because... 1. Provision for reclamation and closure costs and 2. Depreciaton, both higher than a year ago, especially #1.

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