International Antam Resources reports Q1 financial results
Wednesday, June 4 2003 - 07:11 PM WIB
The Company received revenue of $932,416 during the period from the sale of 52 kg (1,672 oz) of gold and 208 kg (6,687 oz) of silver from the Company's Cikidang mine compared to revenue of $1,011,238 from the sale of 63 kg (2,025oz) of gold and 313 kg (10,063 oz) of silver in the three-month period ended March 31, 2002.
The Company recorded negative cash flow from operations of $96,556 for the three-month period ended March 31, 2003, compared to a negative cash flow of $238,673 for the three-month period ended March 31, 2002.
The average sales price achieved by the Company during the three-month period was US $349 per ounce of gold and US $4.75 per ounce of silver sold compared to US $284.50 per ounce of gold and US $4.45 per ounce of silver for the comparable period in 2001. Net proceeds, after payment of operating and administration costs, were added to the Company's working capital.
During the three months ended March 31, 2003, the Company produced 36.5 kg (1,174 oz) of gold (2002 - 52.3 kg (1,681 oz)) and 166.2 kg (5,343 oz) of silver (2002 - 262.6 kg (8,443 oz)) from its Cikidang mine in Java, Indonesia. The ore is mined under contract with Aneka Tambang and processed at its processing plant located at Cikotok in West Java. Refining is performed at Aneka Tambang's Logam Mulia refinery in East Jakarta.
International Antam Resources Ltd., which is listed in Canada?s TSX Venture, is a gold and silver producer carrying on mining and mineral exploration in Indonesia. (alex)