Crown Resources Reports 1995 Loss
Denver-based Crown Resources Corp. Monday reported a loss in 1995, after showing a profit the previous year.
During 1995, Crown lost $1.7 million, or 13 cents per share. That compares with a profit of $3.5 million in 1994, or 27 cents per share.
Crown’s 1994 results include gains of $8.5 million from proceeds related to the Crown Jewel gold mine in northeastern Washington and $868,000 from the sale of securities.
Crown’s loss in 1995 came mostly as a result of higher administrative expenses and lower royalty payments from a mine in Montana that shut down in 1995.
Crown spent money last year analyzing a merger proposal from Battle Mountain Gold of Houston, but later rejected it.
Crown and Battle Mountain are partners in the Crown Jewel gold mine near Chesaw, Wash.