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GIANT MINE
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Key Facts
Location:
Northwest Territories, Canada
5 km North of YELLOWKNIFE Commodities: Gold
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Comparable Properties |
Latest Information  November 24, 2003 Miramar Mining has reported a net loss of CAD5.7 million or 4 cents per share on revenue of CAD11.9 million for the third quarter, compared with net earnings of CAD1.2 million or 1 cent per share on revenue of CAD15.1 million for the third quarter of 2002. Cash flow provided from operations for the quarter was negative CAD4.3 million compared with CAD6.3 million for the corresponding period of 2002. During the quarter, the Con Mine delivered 60,843 tons grading 0.261 ounces of gold per ton, and the Giant Mine delivered 16,527 tons grading 0.385 ounces of gold per ton for processing at the Con mill. Combined, Miramar's Yellowknife operations shipped 20,773 ounces of gold at a cash cost of USD406 per ounce compared with 31,250 ounces at cash costs of USD233 per ounce in the same period in 2002. August 28, 2003 Vancouver-based Miramar Mining has posted a net loss of CAD7.4 million, or 6 cents a share, on revenue of CAD9.8 million for the second quarter, compared with earnings of CAD2.4 million, or 3 cents a share, on revenue of CAD12.6 million for the corresponding 2002 quarter. Second quarter 2003 results included the write down of Con Mine assets of CAD7.3 million and a charge to reclamation expenses of CAD0.5 million to reflect a revised mine plan. Also included in the second quarter is a gain of CAD5.6 million of tax benefits recognized as a result of a reduction in future income tax liability. Weaker results were attributed to operating losses stemming from reserve failures at the Con Mine in Yellowknife, which will terminate underground mining operations. During the quarter, Miramar's Yellowknife operations produced 18,524 ounces of gold at a cash cost of USD445 per ounce versus 25,791 ounces at cash costs of USD197 per ounce in the same period in 2002. Weaker production was attributed to shortfalls in both mined grade and tonnage at the Con Mine as well as the collapse of the roof of the oxygen plant, a temporary shut down of the mill in May 2003, and a strengthening Canadian dollar against the US dollar. In the quarter, Miramar realized an average selling price of CAD446 per ounce of gold, compared with CAD481 achieved in the same period in 2002. As a result of the changes to the Yellowknife operations, Miramar anticipates gold production of 80,000 - 90,000 ounces for 2003, 35,000 - 40,000 ounces in 2004 and 20,000 - 25,000 ounces in 2005. Total cash costs for these periods are expected to average approximately USD350 per ounce based on current exchange rates. March 27, 2003 Miramar Mining has earned CAD0.6 million or 1 cent a share for 2002, compared with a loss of CAD5.9 million for 2001. During the year, the Con and Giant mines produced and shipped 115,134 ounces of gold at cash costs of USD246 per ounce versus 129,607 ounces at cash costs of USD257 per ounce in 2001. Miramar reports that, while gold production fell in 2002, higher gold prices and lower operating expenses offset the decrease in production. The average gold price realized in 2002 was CAD461 (approximately USD300) per ounce. |
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