Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Cusac Gold Mines (CUSIF) -- Ignore unavailable to you. Want to Upgrade?

To: Chuca Marsh who wrote (186)	11/18/1998 6:19:00 PM
From: Chuca Marsh	Read Replies (1) \| Respond to of 379

News and about a half ounce GOLD per ton IN PROFIT MODE, now. Take at look at the future projection, with the tailings recovering it is cutting DOWN the Production cost per OZ:: From: newsout@canada-stockwatch.com Date: Wed, 18 Nov 1998 15:04:32 -0800 Subject: Stockwatch: Cusac Gold Mines Ltd - News Release Profitable third quarter Cusac Gold Mines Ltd CQC Shares issued 17,634,131 Nov 17 close $0.15 Wed 18 Nov 98 News Release Mr. Guilford Brett reports FINANCIAL HIGHLIGHTS Three months ended Sept. 30 1998 1997 Production revenue $ 437,000 $ 1,076,000 Production costs 338,000 1,193,000 Admin costs 54,000 108,000 Net income (loss) $ 45,000 $ (225,000) Income (loss) per share - (1 cent) FINANCIAL HIGHLIGHTS Nine months ended Sept. 30 1998 1997 Production revenue $ 437,000 $ 2,608,000 Production costs 538,000 5,222,000 Admin costs 378,000 604,000 Net income (loss) $ (479,000) $(3,128,000) Income (loss) per share (2 cents) (15 cents) Production costs of $338,000 for the third quarter include amortization charges of $100,000 and exploration expenditures of $78,000, with direct mining and milling costs being $160,000 only. Gold production was 914 ounces of gold from processing of 2,000 tons of ore grading an average of 0.458 ounces of gold per ton. Drastically reduced production costs per ton processed allowed a profit to be realized for the period. Per ton mining and processing costs were less than $70, compared with typical underground costs in excess of $275 per ton. Most of the production during the period came from the surface mining of the Bear vein. Mining and development of the Bear vein continues in preparation for milling in April of 1999. Further production of 600 ounces is expected from this activity. New high-grade targets are being outlined for use of the same, low cost, surface mining technique employed on the Bear vein. Also, testing continues on the company's low-cost tailings project, where over 28,000 ounces of gold have been identified. Current projections anticipate production of approximately 5,000 ounces per year for three years at a cash cost of less than $100 per ounce. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com