Canamax tallies third quarter loss

These results, which include proceeds from the sale of a 24% interest in the Midway property for $1 million, compared to a net loss of $2.2 million on revenues of $4.4 million for the third quarter of 1988. Gold sales for the period reached 25,710 oz, up from 7,987 oz in the 1988 third quarter.

Canamax reported net income of $100,000 for the nine months ended Sept 30, compared to a loss of $5.2 million for the same period in 1988. Gold sales improved to 65,389 oz from 14,540 oz in the comparable period in 1988.

Exploration expenditures of $4.5 million were aimed toward development of the Lochalsh ramp near the Kremzar mine in Ontario, and diamond drilling in the vicinity of the Ketza River and Bell Creek mines.

During the year, the company reduced its outstanding bank debt by $7.8 million to $20.9 million at quarter-end.

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