NEWS IN BRIEF (November 29, 1993)
Woodridge Resources (WOR:VSE) has changed its name to Telemac Cellular Int’l on a share-for-share basis.
Articles by Northern Miner Staff
EXPLORATION ’93 — Mines Gaspe marks 40 years
The Mines Gaspe operation of Noranda (TSE) reached a major milestone in 1993 — 40 years of operation. Situated in the rugged interior of the Gaspe Peninsula near Murdochville, Que., Mines Gaspe opera…
INSIDER TRADING — Two Agnico officers sell shares
Two officers of Agnico-Eagle Mines (TSE) excercised options and sold shares in October. According to the Ontario Securities Commission’s OSC Bulletin, officer John Clement sold 3,000 shares at $19 to …
Westfield adds to cash position
Earnings of $453,000 for the nine months ended Sept. 30, 1993, have added to the fortunes of Westfield Resources (TSE). The debt-free company has cash and marketable securities totaling $24.3 million,…
Metall’s quarterly report mixed
There was good news and bad news during the third quarter for Metall Mining (TSE). On the plus side, production of copper cathode from its 87.3%-interest in the Copper Range mine in Michigan increased…
Canyon drilling returns gold at Mtn. View
Drilling on the Mountain View property in northern Nevada has returned gold-mineralized intersections. Canyon Resources (NASDAQ) is earning a 60% interest from Independence Mining and expects to compl…
Compromise may be coming over U.S. mining royalty plan
Reform of mining legislation in the U.S. reached a new stage recently when the House of Representatives voted in favor of imposing an 8% net smelter return (NSR) royalty on hardrock mining companies o…
Great Lakes buys into Grouse Creek
A preliminary prospectus for an offering worth up to $35 million has been filed by Great Lakes Minerals (TSE). The company will use US$6.8 million to buy a 20% undivided interest in the Grouse Creek g…
ScotiaBank metal sub-index falls in September
In September, the metal and mineral sub-index of The Bank of Nova Scotia’s commodity price index dropped to its lowest level since December, 1985. While copper prices dropped further in October, nicke…
Cyprus Amax drilling hits new zone in Kirkland Lake
A new gold zone has been outlined on the Amalgamated Kirkland property in Kirkland Lake, Ont. The discovery, known as the Cyprus zone, was made during a drilling program by Cyprus Canada, a unit of Cy…
COMMENTARY — Cuba chases foreign investment
The demise of the Soviet Union has ironically left Cuba — romantically known as “the isle of eternal summer” — out in the cold. As a result, the country’s mining and metals sector is now desperately…
Royal Oak overcomes technical problems
Third-quarter earnings of Royal Oak Mines (TSE) reflect problems at the company’s three Canadian gold mines, particularly the Hope Brook operation in Newfoundland. The company said both tonnage and gr…