News in Brief (June 06, 1988)
Liberian Iron Ore (TSE) has announced that the Liberian American-Swedish Minerals Co. has repaid the balance of $4.677 million(US) of the bank loan it obtained in 1983 to enable it to finance at that …
News
Galveston loss
A major shareholder of Royex Gold Mining (TSE) with a 21% interest, Galveston Resources (TSE), reports a net loss of $333,000 (1 cents per share) for the three months ending March 31, compared to a n…
Lacana improves 2nd-quarter earnings
Annual output of 50,000 oz gold and 150,000 oz silver is expected from its wholly-owned Santa Fe mine in Nevada which is to go into production in October, Lacana Mining reports. The company, part of t…
Noranda releases results from Grew Creek property (June 06, 1988)
Six out of 15 diamond drill holes completed by Noranda Exploration on its Grew Creek property near Faro, Yukon, show significant gold values. Golden Nevada Resources and Brenda Mines are also involved…
NovaGold bulk sample recovery rate 93.5%
The initial bulk sample results from NovaGold’s Fifteen Mile Stream property had a 93.5% recovery rate, not 0.07% as reported in the company’s release of May 18, the company reports. The grade of the …
Hemlo Gold seeks doubling of earnings in 5 years
A target of doubling earnings in the next five years has been set by Hemlo Gold Mines (TSE), President John Harvey told shareholders at the company’s first annual meeting since it started trading publ…
Free trade, a hot topic at Mineral Outlook ’88
Although most tariff barriers between Canada’s mineral producers and mineral buyers in the U.S. are already relatively low, the Mining Association of Canada (MAC) has come out strongly in favor of the…
Lower silver prices during first quarter cut Agnico’ income
Despite an improved operating performance at Agnico-Eagle Mines’ (TSE) gold division, depressed silver prices and higher operating costs, put a slight damper on the company’s first quarter results. Wh…
Byron Creek coal sale will double production
A major coal sale to the Japanese steel industry by Byron Creek Collieries, a unit of Esso Resources Canada, will lead to a doubling of production at its mining operation near Sparwood, B.C. Up to 100…
Ramcor Res. acquires five Quebec claims
Ramcor Resources (ME) has acquired from Rejean Roy a group of five claims located in Dalquier Twp. north of Amos, Que., in return for 100,000 common shares and payment of a 1.5% net smelter royalty. A…
Anglesey gets financing mining within two years
By taking on a local partner, Imperial Metals Corp., (TSE) has put its Parys Mountain project on a fast track to production. Located on the Isle of Anglesey in northern Wales, the polymetallic mineral…
Echo Bay completes Muscocho acquisition
Edmonton-based Echo Bay Mines (TSE) has completed the purchase of $23.5 million in convertible debt securities of Muscocho Explorations (TSE), Flanagan McAdam Resources (TSE) and McNellen Resources (V…