Sunshine Reports It’S Even On Earnings

Tue., April 21, 1998

From Staff

Sunshine Mining and Refining Co. reported break-even operating results Monday for the first quarter of 1998.

The company reported a net income of $71,000, which, rounded off, is $0.00 per share, compared with a loss of $5.9 million, or $0.02 per share during the same period last year.

The performance reflects higher production, lower costs and higher silver prices, company officials said.

Production at the Sunshine Mine in Idaho’s Silver Valley improved by 44 percent, from 900,000 ounces in 1997, to 1.3 million ounces in 1998. Cash production costs dropped from $5.11 per ounce to $4.42 per ounce. And the average price paid for the silver jumped from $5.14 per ounce to $6.43 per ounce.

Company officials expect the Sunshine Mine to produce 6 million ounces of silver in 1998. Though production increased substantially during the first quarter, production was actually down from targeted levels by about 12 percent, due to several one-time events, the company said.

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Sunshine Reports It’S Even On Earnings

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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