Abermin has loss for year

Abermin Corp. reported a net loss of $1.1 million in 1986 before extraordinary items. The loss included an exploration expense of $534,000 resulting from the abandonment of its Bullfrog and Black Beaver projects.

The company re-evaluated certain assets in light of prevailing market conditions for base metals, coal and uranium. This led to an extraordinary write down of $23.9 million, bringing the final loss to about $25.1 million. Abermin says the write down has no effect on its major assets at Tartan Lake in Manitoba and the Lara discovery on Vancouver Island. Shareholder approval will be sought at the next annual meeting to reduce the company’s stated capital.