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Gold/Mining/Energy : Franco & Euro Nevada FN , EN -- Ignore unavailable to you. Want to Upgrade?

To: Jim Bishop who wrote (536)	8/3/1999 7:18:00 PM
From: Traveling Man	Read Replies (1) \| Respond to of 658

Jim, Bottom line for FN is turning north,too. I am moderately surprised at this excellent report after what FN had been through. TM Franco-Nevada Mining Corporation Limited TORONTO, Aug. 3 /CNW/ - Unaudited financial results for the quarter ended June 30 are as follows: ------------------------------------------------------------------------- STATEMENT OF EARNINGS 1999 1998 % CHANGE ------------------------------------------------------------------------- Revenues $ 29,831,000 $ 17,364,000 72% ------------------------------------------------------------------------- Net earnings after tax $ 14,892,000 $ 10,018,000 49% ------------------------------------------------------------------------- Earnings per share $ 0.19 $ 0.13 46% ------------------------------------------------------------------------- BALANCE SHEET ------------------------------------------------------------------------- Debt Nil Nil N/A ------------------------------------------------------------------------- Working capital and market value of investments $ 526,697,000 $ 478,408,000 10% ------------------------------------------------------------------------- Franco-Nevada Mining Corporation Limited (TSE:FN) reports record revenues and higher earnings despite continuing low commodity prices with gold down $52 from June 30, 1998. Franco-Nevada's royalty revenues from the Betze-Post Mine were modestly higher than last year while the Stillwater platinum royalty and the Oil and Gas division provided revenue gains of 31% and 18%, respectively. The 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 fell 40% from 1998 levels as a result of deploying over $234 million during fiscal 1999. Of the $234 million, $122 million was invested in marketable securities and the balance was used to build the Ken Snyder Mine and add to the Company's resource portfolio. The monies spent on marketable securities comprise investments in Inco Class VBN and Aber Resources Ltd. Although these investments have not yet generated any reportable income, their value increased $18.7 million during the first quarter. %SEDAR: 00002195E -0- 08/03/1999 For further information: franco-nevada.com; Ron Binns, Chief Financial Officer, (416) 480-6490; David Harquail, Senior Vice-President, (416) 480-6497