Production at Crofoot and the nearby Lewis mine property was limited by cold weather during January and February but a new monthly production record of 7,776 oz was set in March, Granges noted.
Earlier this year MIM Holdings of Brisbane, Australia agreed to purchase 11 million common shares of Granges at $4.55 per share, representing an investment of approximately $50 million. MIM will be entitled to six nominees on the board of Granges which will increase to 12 members.
Two months ago, Granges purchased an additional 9.167% interest in the Trout Lake mine near Flin Flon, Man., raising its stake to 29%. “Trout Lake continues to make a significant contribution to earnings and is currently enjoying the benefits of strong base metal prices,” the company said.
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