Canyon Resources Corporation Reports Third Quarter Loss

Strategic Insights -

Canyon Resources Corporation, a Colorado-based mining company, reported a significant decline in earnings in the third quarter of 1995. The company announced a loss of $1,250,500, or 5 cents per share, for the quarter ended September 30, 1995, compared to earnings of $632,200, or 2 cents per share, for the same period in 1994. The decline in earnings was largely due to lower gold production at the Kendall Mine in Montana, a higher reclamation provision at the Kendall Mine, and increased corporate general and administrative costs.

Key Takeaways:

  • Canyon Resources Corporation reported a third quarter loss of $1,250,500, or 5 cents per share, for the three months ended September 30, 1995.
  • The company's revenues for the third quarter of 1995 were $1,978,800, compared to $6,703,700 for the same period in 1994.
  • Canyon Resources Corporation recorded a loss of $3,249,500, or 13 cents per share, for the first nine months of 1995, compared to a loss of $288,800, or 1 cent per share, for the same period in 1994.
  • The company had $6,272,300 in cash at September 30, 1994.
  • Canyon Resources Corporation produces gold and silver from the Kendall Mine in Montana, industrial minerals (diatomite) from a mine/plant complex in Nevada, and is in the permitting and development stage at the 8.2 million ounce McDonald gold project in Montana.
  • The company has received all major permits for development of the Briggs gold mine in California and is finalizing the financing arrangements for construction startup.

Statistics:

  • Loss for the third quarter of 1995: $1,250,500
  • Loss for the first nine months of 1995: $3,249,500
  • Revenues for the third quarter of 1995: $1,978,800
  • Revenues for the first nine months of 1995: $7,826,800
  • Cash at September 30, 1994: $6,272,300
  • Gold production from the Kendall Mine in the third quarter of 1995: 3,402 ounces
  • Total gold production from the Kendall Mine in the first nine months of 1995: 14,913 ounces

Sources:

  • Business Wire, November 13, 1995
  • Canyon Resources Corporation, Press Release