Better gold sales aid Canamax results

An increased level of gold sales enabled Canamax Resources (TSE) to realize an increase in operating earnings from mines in production. However, for the second quarter ended June 30, the company had a loss of $1.9 million or 13 cents per share. This compares with a loss of $3.4 million or 26 cents per share for the corresponding period last year.

Earnings from operations increased to $500,000 for the period. For the first half, operating earnings totalled $900,000. Gold production from the Bell Creek mine near Timmins, Ont., was 6,553 oz for the first half. Last month, Canamax purchased the remaining 50% interest in the mine. As at June 30, working capital amounted to $7.1 million.