Hansuld considers future after Canamax departure

Reached at his home in Mississauga, Ont., Hansuld declined to give any reason for his resignation which was announced following a meeting of the company’s board of directors.

At the same meeting, Muscocho Explorations (TSE) President Terry Flanagan also tendered his resignation from the Canamax board.

“I have lots of things going and I intend to play an active role in mining, but it is a little too early to say what that role will be,” said Hansuld, who was recently named 1988’s Mining Man of the Year by The Northern Miner.

In the five years since Hansuld, now 57, became president of Canamax, the former Canadian exploration arm of New York-based Amax Inc. successfully brought four gold mines into production.

But problems at the Ketza River project at Ross River, Y.T., persuaded Canamax, now the 49.7% subsidiary of Colorado based Amax Gold (TSE), to sell its 50% stake in the project to Belmoral Mines (TSE).

Having spent $13 million to bring Ketza into production, Canamax expects to take an $8.2-million write-down on the project.

After operations were suspended recently at its Matheson gold mine in northeastern Ontario, Canamax’s 1989 gold production forecasts have declined to 57,000 oz from 75,000 oz.

While Amax Gold treasurer Mark Lettes said the company was satisfied with Hansuld’s performance, sources within the industry say there may have been a disagreement involving Hansuld and Amax Gold on the future direction of Canamax.

Hansuld has been succeeded on an interim basis by Wayne Lenton, who is also a director of Canamax and president of both Canada Tungsten Mining Corp. (TSE) and Amax of Canada Ltd.

Udo von Doehren was recently named vice-president of finance and treasurer of Canamax.

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