Pioneer drills at Riou Lake
Drilling is under way at Pioneer Metals’ (PSM-T) Riou Lake uranium project in Saskatchewan’s Athabasca Basin.Six holes totalling 4,000 metres are planned, three of which will test an electromagnetic c…
News
McWatters cuts production costs
Delayed development at one of its two mines near Val d’Or, Que., translated into lower production for McWatters Mining (MCW-T).Combined, the Kienna and Sigma mines cranked out 169,255 oz. in 1998, com…
Zaldivar deal falls through
An agreement under which Aur Resources (AUR-T) would have bought a half-interest in the Zaldivar copper mine in northern Chile from Outokumpu has proved too rich for Aur’s blood.Aur was to have paid U…
Loss for Cyprus
Englewood, Colo.-based Cyprus Amax Minerals (CYM-N) posted a net loss for 1998 as a result of low copper prices.The loss of US$75 million (or $1.02 per share) compares with earnings of US$69 million (…
Greenstone tallies resources
Drilling in 1998 added reserves to Greenstone Resources’ (GRE-T) Cerro Mojon and San Andres gold mines, in Nicaragua and Honduras, respectively.Proven and probable reserves at Cerro Mojon now stand at…
Edwards mine remains in red
River Gold Mines (RIV-T) reports having produced 12,800 oz. gold from the Edwards gold deposit near Wawa, Ont.In total, 34,162 tonnes were transported to the company’s nearby Eagle River mill, bringin…
Canaco Res. identifies target
Exploration by Canaco Resources (CSE-M) has resulted in the discovery of a volcanogenic massive sulphide (VMS) target at the Lady Pond property near Springdale, Nfld.The junior discovered a north-east…
NEWS ROUNDUP — Kinross to explore near Timmins
A preliminary option agreement sets the stage for Kinross Gold (K-T) to explore and possibly purchase the Clavos gold property from United Tex-Sol Mines (UTX-A).To earn its interest, Kinross must spen…
Newmont writes down assets
Low gold prices in the fourth quarter of 1998 forced Newmont Gold (NEM-N) to write down the value of the assets it acquired as a result of merging with Santa Fe Pacific in the previous year.The compan…
Barrick breaks records despite poor prices — President departs, bid for Argentina Gold goes by wayside
Thomas SchusterWhile many other producers are struggling to survive the lowest gold prices in two decades, Barrick Gold (ABX-T) turned in a stellar financial and operating performance for 1998, postin…
Yamana sizes up Lejano, North Bacon
Spokane-based Yamana Resources (YRI-T) is eager to resume drilling at its Lejano prospect in southern Argentina, following the release of a preliminary resource estimate.The company delineated 14.4 mi…
Sutton boosts tonnage
Sutton Resources (STT-T) has tabled an inferred resource estimate for the new Reef-1 West gold zone at the Bulyanhulu project in Tanzania. The zone was discovered about 400 metres northwest of the Ree…