Sunshine Mining Losses Narrow

Tue., April 29, 1997

From Staff Reports

Sunshine Mining and Refining Co. Monday reported a narrower first-quarter loss based on lower production costs and the elimination of preferred stock dividends.

But silver prices declined significantly from the prior year, and debt costs were higher.

The net loss per common share was $5.6 million, or two cents per share, compared with $7.1 million, or four cents per share, for the three-month period a year ago.

The cost of production dropped 15 percent year-to-year, from $5.99 per ounce to $5.11. Production from the Sunshine Mine in the Silver Valley jumped 62 percent to 901,000 ounces. Silver prices slumped to $5.14 from $5.68.

Exploration continues at Sunshine’s other property, the Pirquitas Mine in Argentina, where infill drilling has been completed and engineers will begin assessing the reserve and begin planning a mine.

, DataTimes

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Sunshine Mining Losses Narrow

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