declined slightly.

Profits for the quarter ended June 30, 1995 was $1.2 million or two cents per share, compared to $1.3 million or three cents per share, for the same period a year earlier, a decline of eight percent.

Financials for the quarter included losses on forward currency contracts of $90,000 and foreign currency transactions of $136,000 compared to gains of $980,00 for the same period last year.

But the Nasdaq and Australia-listed company also reported record operating earnings for the quarter ended June 30, 1995 of $1.46 million on revenues of $4.53 million.

The company reported earnings of $395,000 on revenues of $3 million for the same quarter a year earlier.

"The strong (operating earnings) performance was attributed to higher copper prices and increased production levels following recent plant upgrades at the company's Girilambone copper mine,'' the company said.

For the six months ended June 30, 1995, the company reported profits of $500,000 compared to $2.4 million for the same six months in 1994.