Westmin losses cut to $3.7 million

Limited production has resumed at the Myra Falls base metals mine near Campbell River, B.C.

Westmin Resources (TSE) suspended production earlier this year because of a labor dispute which is still ongoing. Since then, management staff has been carrying out maintenance work at the site, as well as modest exploration and development activities. The staff resumed limited production in October. Westmin also owns and operates the Premier gold project near Stewart, B.C. The company reports that this operation is continuing to operate satisfactorily from underground mining.

The company reported a net loss of $3.7 million for its third quarter ended Sept. 30, compared with a loss of $7.6 million a year earlier. The year-to-date loss was $19.9 million, or 62 cents per share after preferred dividends. This compares with a loss of $13.4 million, or 55 cents per share, in the first nine months of 1992.