Earnings out, and of course you were right.
Euro-Nevada Mining Corporation Limited
TORONTO, May 5 /CNW/ -
Audited financial results for the years ended March 31 are as follows:
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Twelve months
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Statement of earnings 1999 1998 % change
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Revenues $ 57,744,000 $ 44,469,000 30%
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Net earnings after tax 24,818,000 20,956,000 18%
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Earnings per share $ 0.26 $ 0.23 13%
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Balance sheet March 31, 1999 March 31, 1998 % change
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Debt Nil Nil N/A
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Working capital $466,469,000 $ 332,307,000 40%
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Unaudited financial results for the quarters ended March 31 are as
follows:
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Fourth quarter
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Statement of earnings 1999 1998 % change
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Revenues $ 19,585,000 $ 11,320,000 73%
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Net earnings after tax 7,408,000 6,525,000 14%
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Earnings per share $ 0.08 $ 0.07 14%
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Euro-Nevada reports record revenues and earnings for the year and quarter
ended March 31, 1999, despite the continued weakness in the gold market.
Euro's 50% owned Ken Snyder Mine that was in production for the final two
months of fiscal 1999, generated revenues to Euro of $7.1 million during this
tune-up period. The Ken Snyder Mine is projected to produce 250,000 ounces of
gold equivalent per year at a cash cost of US$80 per ounce of gold equivalent
and a total cost, including all depletion and amortization of capital costs,
of US$120 per ounce.
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 also holds producing gold royalty interests in Australia and
Indonesia.
%SEDAR: 00002194E
-0- 05/05/1999
For further information: please contact: Ron Binns, CFO, (416) 480-6490; Brian MacEachen, Treasurer (416) 480-6495
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Release sent courtesy of Canada NewsWire Portfolio Email.
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