NEWS ROUNDUP — Lower grades hurt Glamis

Lower mining grades during the second quarter ended Dec. 31, 1994, adversely affected earnings for Glamis Gold Mines (TSE).

The company reported net income of US$95,000 on revenue of almost US$9 million, compared with US$1.2 million on US$51.1 million for the same period in the previous year.

Earnings for the first six months totalled US$1.2 million, down from US$1.5 million in the first six months of fiscal 1993.

Glamis anticipated the lower ore grades and reports that mining operations have since returned to normal, with grades near the life-of-mine average. Production for fiscal 1994 is expected be about 100,000 oz.