Camindex Mines awaits name change approval

While production has resumed at the Valdez Creek placer gold mine in Alaska, Camindex Mines is still waiting for regulatory authorities to approve the company’s decision to change its name.

At a meeting in July, Camindex shareholders gave their approval to the consolidation of Camindex shares on a 1-for-4 basis and a change in the name of the company to Valdez Mines Ltd.

However, when Camindex released its interim report for the period ended Sept 30, the name change hadn’t come into effect. During that period, Camindex reported a consolidated net loss of $5,815,731 or 33 cents per share compared to $4,507,253 or 26 cents per share in the first nine months of 1986.

Camindex attributes those results to ground-water-flow problems at the Valdez project where operations stopped in April while the company conducted a complete review.

The project is owned jointly by Camindex, American Barrick Resources and Cambior Inc. (through a subsidiary which merged with Sullivan Mines).

After operations resumed in July, Camindex says the Valdez Creek mine produced 12,748 oz gold by Nov 25.

At a rate of around 4,000 oz per month, the mine is expected to produce 30,000 oz by the end of Dec. As production facilities at the mine are now winterized, production will continue on a year-round basis, Camindex says.

After raising $1,340,000 to finance exploration at the Dundee-Palliser/ North American Rare Metals Vezza Twp. property in northwestern Quebec, Camindex will acquire 1,522,727 Dundee-Palliser shares at 88 cents per share in March 1988.

Camindex already holds a 41.8% interest in Dundee-Palliser which is planning an underground exploration program at Vezza this spring.