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Mining industry

Eden Roc Mineral Corp. Reports Strong Financial Performance for First Six Months of 1995

Strategic Insights

— 1 min read

Eden Roc Mineral Corp. has announced impressive financial results for the first six months of 1995, marked by a significant improvement in net income and revenue. The company's net income for the period stood at $724,000, a substantial increase from the loss of $3,559,000 recorded in the same period of 1994. Revenue also saw a notable surge, rising to $7,311,000 compared to $4,477,000 in 1994. Gold production during the period reached 13,606 ounces, more than double the 5,704 ounces produced in 1994. Tonnage throughput increased to 252,000 tonnes, and the ore grade of 2.11 g/t in the second quarter was slightly better than the 2.02 g/t reported in the first quarter.

Key Takeaways:

  • The company's net income for the six months ended June 30, 1995, was $724,000, representing a significant improvement from the loss of $3,559,000 in the same period of 1994.
  • Revenue in 1995 reached $7,311,000, a notable surge from the $4,477,000 recorded in 1994.
  • Gold production for the period was 13,606 ounces, more than double the 5,704 ounces produced in 1994.
  • Tonnage throughput increased to 252,000 tonnes, and the ore grade in the second quarter was 2.11 g/t, slightly better than the 2.02 g/t reported in the first quarter.
  • The company added 32,000 ounces of oxide reserves during the quarter, bringing the total oxide reserves to 460,000 ounces at June 30.
  • Exploration drilling is continuing at a higher pace than in 1994, with 15,200 metres drilled during the period.
  • The company expects gold production to continue increasing, with costs expected to drop as modifications to the operating systems are completed.

Statistics:

  • Net income for the six months ended June 30, 1995: $724,000
  • Revenue in 1995: $7,311,000
  • Gold production for the period: 13,606 ounces
  • Tonnage throughput: 252,000 tonnes
  • Ore grade in the second quarter: 2.11 g/t
  • Oxide reserves at June 30: 460,000 ounces
  • Exploration drilling metres in 1995: 15,200
  • Improvement in gold production: 238% (13,606 ounces vs. 5,704 ounces in 1994)

Sources:

  • Business Wire, August 28, 1995
  • Eden Roc Mineral Corp. press release

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