Echo Bay Reports Third-Quarter Loss

Denver-based Echo Bay Mines reported a loss in the third quarter of 1995 after breaking even in the same period last year.

Echo Bay lost $8.7 million, or eight cents a share, in the quarter ended September 30.

The loss reflects Echo Bay’s near-doubling of its exploration budget to $13.8 million as the company looks for more gold.

Some of Echo Bay’s third-quarter gold production came too late in the quarter to be refined and sold. Earnings from the more than 16,000 ounces of gold will be reflected in the fourth-quarter earnings.

For the first nine months of 1995, Echo Bay lost $33.3 million, or 29 cents a share, compared with a gain of $13.2 million, or 12 cents a share, in 1994.

Echo Bay owns gold mines in northeastern Washington. It recently opened the Lamefoot North project near its Kettle River mine.