Minnova rethinks strategy after Samatosum
The original investments Minnova (TSE) made in the Winston Lake and Ansil mines have been paid off, and the company is in the enviable position of having a substantial cash balance, shareholders learn…
Articles by Northern Miner Staff
Underground nixed at Big Bell
The companies involved in the Big Bell open pit mine in Western Australia recently announced that proposed development of an underground mine on the property will not proceed. The mine is owned by jo…
Noranda offers Hemlo all its gold properties
Noranda (TSE) has offered to sell all of its gold assets worldwide to Hemlo Gold (TSE) for $80 million. If the deal goes through, it would boost Hemlo’s reserves of proven and possible contained gold …
Magnesium plant to be shut down
The new magnesium plant built near High River, Alta., will close following a decision by a partner not to continue funding the operation. The production facility was built by the Magnesium Company of…
Judith Gold to merge with Crown
Through a merger proposal with Judith Gold Mines, Crown Resources (VSE) expects to add over 2,000 oz. gold production per year. Crown is proposing a share exchange on a 1-for-25 basis which would resu…
TORONTO STOCK EXCHANGE INDICES (May 06, 1991)
Apr. 30 Apr. 29 Apr. 26 Apr. 25 Apr. 24 HIGH LOW Composite”300″3468.81 3472.23 3497.22 3502.00 3504.10 4009.47 3009.91 Metals & Minerals 3095.41 3089.44 3134.90 3158.36 3201.71 3453.06 2502.63 …
Mining escapes NDP budget, but interest rate fears grow
The mining sector escaped relatively unscathed recently from an Ontario New Democratic Party budget that will drive the provincial deficit up to $9.7 billion in fiscal 1991-92. In a bid to bolster rev…
Prime Equities gains Lorica position
The acquisition of 637,500 escrow shares of Lorica Resources (VSE) by Prime Equities (VSE) from former Lorica management has resulted in Prime taking over control of the company. Prime paid 5*CS each …
Colomac mine to close down
The performance of the Colomac gold mine in the Northwest Territories continues to improve as the remote open pit operation uses up remaining fuel supplies purchased by owner NorthWest Gold (TSE). Nor…
Smelter problems lower Cominco earnings
Cominco President Robert Hallbauer didn’t mince words at the company’s recent annual meeting when he called 1991 first-quarter results “terrible,” or 1990 “a difficult year.” The company’s problems a…
PEOPLE CALLAHAN MINING
William Nicely elected chairman, president and chief executive officer succeeding Charles Snead who resigned.
U.S. REPORT Crown makes new gold discovery
Denver-based Crown Resources (VSE) is adding yet another new gold discovery to its already impressive exploration track record. The company recently announced a new find on its Kings Canyon project in…