Nanisivik Mines, a wholly owned subsidiary of Mineral Resources International (TSE), recently increased its stake in Highwood Resources (TSE) to 27.3% from 23%. The latter company has interests in a beryllium-rare earths project at Thor Lake in the Northwest Territories, as well as a zirconium-rare earths project in southwestern Greenland. Nanisivik said no further purchases of Highwood stock are currently planned. Meanwhile, Nanisivik’s parent company, Mineral Resources International (TSE), recently reported first-quarter net income of $8.6 million (44 cents per share) on revenue of $21.3 million. That’s down roughly 26% from net income of $11.7 million (60 cents per share) on revenue of $25.5 million in the year- earlier period.
As of March 31, MRI had cash and short-term deposits totalling $48.8 million, compared with $51.4 million a year ago.
Nanisivik milled a total of 177,400 tonnes of ore grading 0.6% lead and 8.3% zinc during the period, with production amounting to 1,200 tonnes of lead concentrate and 25,500 tonnes of zinc concentrate.
At the recent annual meeting of Conwest Resources (TSE), shareholders approved a merger agreement with subsidiaries MRI and Barons Oil (TSE). Conwest recently reported first-quarter net income of $5.4 million (42 cents per share) on revenue of $36.4 million, compared with net income of $6.9 million (54 cents per share) on revenue of $35.5 million in the year-earlier period.
At the end of the first quarter, Conwest had cash and deposits totalling $52.6 million, compared with $65.4 million a year ago. Conwest Exploration (TSE) $000s except per-share items Quarter ended Mar. 31 1990 1989 Revenue $36,376 $35,526 Net income 5,460 6,984
per share 0.42 0.54004 Mineral Resources Intl. (TSE) $000s except per-share items Quarter ended Mar. 31 1990 1989 Revenue $21,345 $25,559 Net income 8,641 11,712
per share 0.44 0.60
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