Earnings for the 3-month period ended March 31 totalled $179,000 or 4.4 cents per share, Starrex Mining Corp. (TSE) reports. The profit was generated by gold futures hedging of production from the Star Lake gold mine near La Ronge, Sask.
To the end of May, operating profit was $800,000 and for the second quarter, is estimated at $1.2 million or 30 cents per share, Starrex says.
Starrex has also signed an agreement with affiliate Phoenix Canada Oil (TSE) and certain European banks for the acquisition of an overseas gold prospect. The prospect protects a shear zone striking for 2,000 ft and averaging 10 ft in width. Trench sampling across the shear has returned assays averaging 0.3 oz gold per ton. Due to competitive reasons, Starrex is reluctant to give the location of the deposit.
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