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Gold/Mining/Energy : ECU Silver Mining Inc -- Ignore unavailable to you. Want to Upgrade?

To: d:oug who wrote (565)	6/19/2000 3:42:00 PM
From: jgibbs	Read Replies (1) \| Respond to of 672

Perhaps with this news, .10 Cdn will be the low. Does anyone know if the silver and gold grades from the new veins (stated near the end of this report) are high, average, or just so-so? <<<Monday June 19, 2:55 pm Eastern Time Company Press Release ECU's Results for 1999 and 1st Quarter of 2000 ROUYN NORANDA, QUEBEC--In 1999, the mill at the Company's Velardena silver/gold mine in Mexico processed 128,744 tonnes of ore yielding 259,406 ounces of silver and 3,939 ounces of gold. Sales of precious metal precipitates were CAN$3,294,000 at average metal prices of US$5.22 per ounce of silver and US$278.64 per ounce of gold. For the year ended December 31 1999, the net loss was $5,101,976 ($0.11 per share) compared to $9,373,210 ($0.24 per share) for the previous year. In the first quarter of 2000, the net loss was $189,693 ($0.003 per share) compared to $349,255 ($0.01 per share) in the first three months of 1999. The Company produced 28,566 ounces of silver and 771 ounces of gold compared to 76,587 ounces of silver and 875 ounces of gold for the comparative quarter in 1999. Precious metal sales were $502,674 compared to $938,850, a year earlier. Metal prices were US$5.13 per ounce of silver and US$289.26 per ounce of gold compared to US$5.26 and US$285.76 respectively during the equivalent quarter in 1999. Performance at the operation during the first quarter were impacted by the extensive underground development program started in November 1999. The main phase of this program was completed in May 2000. Production in June is now mostly composed of ore mined from newly developed stopes on levels 17 from the G1 and B veins. These veins grade 267 g/t silver and 6.81 g/t gold and 67 g/t silver and 4.18 g/t gold respectively. Further stopes are now being prepared on similar veins. Mr. Michel Roy, President and Chief Operating Officer stated ``The past six months were a difficult period for ECU due to reduced production levels and lower grades during the development period. This is now drawing to a close and production levels and revenues are projected to steadily increase''. >>>