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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: goldsnow who wrote (2897)	11/6/1997 7:37:00 PM
From: goldsnow	Respond to of 116825

What looks like now a daily update on mine closure/production cuts TVX Announces Third Quarter Results 05:01 p.m Nov 06, 1997 Eastern TORONTO--(BUSINESS WIRE)--Nov. 6, 1997--TVX Gold Inc. (TSE:TVX.) (NYSE: TVX) (ME:TVX.) TVX Gold Inc. reported net earnings for the third quarter ended September 30, 1997 of US$1.6 million compared to a net loss of US$23.3 million in the third quarter of 1996. The 1996 third quarter results included a US$29 million charge to earnings due to the suspension of the Mineral Hill mine operations" Gold equivalent production for the three months ended September 30, 1997 was 106,600 ounces (89,400 ounces of gold and 1,233,100 ounces of silver) compared to 108,000 ounces (78,800 ounces of gold and 2,224,000 ounces of silver) during the same period in 1996. Year to date production was 294,900 gold equivalent ounces compared to 320,700 gold equivalent ounces in 1996." Average realized revenue on gold equivalent sales of 124,500 ounces during the third quarter of 1997 was US$368 per ounce compared to US$407 per ounce on 92,900 gold equivalent ounces sold in the third quarter of 1996. The Company's realized revenue on gold equivalent sales per ounce of US$368 (US$395 year to date) was significantly greater than the average spot price of US$323 (US$339 year to date), demonstrating the Company's strong hedge program. Cash costs per ounce on a gold equivalent basis for the third quarter of 1997 decreased over the same period of 1996 to US$213 from US$239, principally due to the start up of the Musselwhite mine and improved efficiencies at the New Britannia mine as well as the benefit from closing the Company's high cost operations, Casa Berardi and Mineral Hill.".......