Dayton Mining Corp DAY
Shares issued 40,856,779 Nov 12 close $0.78
Fri 13 Nov 98 News Release
Ms. Diane Thomas reviews the company
Dayton experienced a net loss of $3,242,000 (12 cents per share, after
recognizing the effect of the equity accretion on convertible debentures)
for the three months ended Sept. 30, 1998, compared with a net profit as
restated of $799,000 (a loss of one cent per share) for the same period in
1997. Gold production for the third quarter of 1998 was 25,077 ounces
compared with 22,797 ounces over the same period in 1997.
Cash operating costs at the Andacollo gold mine were $226 (U.S.) per ounce
in the third quarter of 1998 compared with $206 (U.S.) per ounce (as
restated) in the same period in 1997.
Revenues were $11,873,000 for the third quarter of 1998 compared with
$12,249,000 in the same period in 1997. The average price realized for gold
sold during the third quarter of 1998 was $318 (U.S.) per ounce compared
with $401 (U.S.) per ounce for the same period in 1997.
For the nine months ended Sept. 30, 1998 Dayton Mining had a net loss of
$10,557,000 (36 cents per share, after recognizing the effect of the equity
accretion on convertible debentures), compared with net profit of $782,000
(a loss of five cents per share) for the same period in 1997. Gold
production at the Andacollo gold mine for the first nine months of 1998 was
61,990 ounces compared with 70,232 ounces over the same period in 1997.
Cash operating costs at the Andacollo gold mine were $256 (U.S.) per ounce
in the first nine months of 1998 compared with $224 (U.S.) per ounce (as
restated) in the same period in 1997
Revenues were $30,985,000 for the first nine months of 1998 compared with
$37,466,000 in the same period in 1997. The average price realized for gold
sold during the first nine months of 1998 was $345 (U.S.) per ounce
compared with $397 (U.S.) per ounce for the same period in 1997.
Operations Review
The Andacollo gold mine produced 25,077 ounces of gold, at a cash operating
cost of US$226 per ounce, for the quarter ending Sept. 30, 1998. This
represents the highest quarterly gold production since the mine began
commercial operation in January 1996. Gold production in September 1998 set
a monthly record of 9,356 ounces and in October 1998 the mine achieved
another record of 9,484 ounces of gold.
STATEMENT OF INCOME
Three months ended Sept. 30
(thousands of dollars)
1998 1997
REVENUES
Sales $11,873 $12,249
------- -------
COST OF SALES
Operating costs 8,537 6,444
Depreciation,
depletion and
amortization 3,145 2,677
------- -------
Total cost of sales 11,682 9,121
------- -------
191 3,128
------- -------
EXPENSES
Amortization of de-
ferred financing
costs 227 407
Exploration 39 277
Foreign exchange 882 101
General and admin 1,297 807
Interest expense 1,500 2,187
Interest income (512) (1,450)
------- -------
Total expenses 3,433 2,329
------- -------
Net income (loss) $(3,242) $799
======= =======
Earnings (loss)
per share (12 cents) (1 cent)
STATEMENT OF INCOME
Nine months ended Sept. 30
(thousands of dollars)
1998 1997
REVENUES
Sales $30,985 $37,466
------- -------
COST OF SALES
Operating costs 23,222 21,634
Depreciation,
depletion and
amortization 7,783 8,073
------- -------
Total cost of sales 31,005 29,707
------- -------
(20) 7,759
------- -------
EXPENSES
Amortization of de-
ferred financing
costs 793 1,335
Exploration 849 955
Foreign exchange (7) (650)
General and admin 6,074 2,878
Interest expense 4,922 5,919
Interest income (2,094) (3,460)
------- -------
Total expenses 10,537 6,977
------- -------
Net income (loss) $(10,557) $782
======= =======
Earnings (loss)
per share (36 cents) (5 cents)
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