Lac omits stats on Williams mine

Shareholders of Lac Minerals are sure to be pleased by the company’s 1987 earnings of $38.7 million.

But when those same shareholders gather April 14 for the company’s annual meeting, there is bound to be one question on more than a few minds: why no inclusion of financial results for the Page-Williams mine at Hemlo in the 1987 annual report?

The Hemlo mine, which was developed by Lac, was awarded to International Corona Resources in March, 1986, by the Supreme Court of Ontario. That ruling was subsequently upheld by the Ontario Court of Appeal. Lac has since been granted leave to appeal the judgment to the Supreme Court of Canada, that hearing to take place Oct 11. Lac continues to operate the mine under the direction of a management committee composed of one Lac nominee, one Corona nominee and a third party agreed upon by both Lac and Corona.

Lac included financial results from the Page-Williams mine in its 1986 annual report.

Corona includes production figures and minimal financial results for the Williams mine in its 1987 annual report.