Gold price slows River’s plans
A lower-Than-expected gold price has forced River Gold Mines (RIV-T) to put off some of its development plans.The price was widely expected to rise to the US$400-per-oz. range in 1997 but has instead …
1997
Noranda plans spending spree
Diversified major Noranda (NOR-T) plans to keep busy this year spending the money it had expected would be required for two acquisitions, which never materialized.Noranda unsuccessfully bid for the An…
Rea Gold to fund Bisset mine development
Rea Gold (REO-T) has raised nearly $17 million in equity financing to fund ongoing development at its Bisset gold mine, northeast of Winnipeg, Man.The private placement, which was arranged with RBC Do…
Pegasus posts first-quarter loss
Pegasus Gold (PGU-T) recorded a loss of US$15,000 for the recent first quarter, compared with a profit of US$13,000 for the same period in 1996.Hedging increased the company’s realized gold price to U…
Greatest Value Traded, May 7-13
ExchgValue($000s)HighLowCloseChangeBarrick GoldT3…
PRODUCER AND DEALER PRICES (May 19, 1997)
Aluminium: LME settlements US$1,634 per tonne, alloy $1,500 per tonne (May 13/97).Antimony: Composite free market, US$2,220 per tonne (May 13/97).Bismuth: Composite free market US$3.30 per lb. (May 13…
Golden Hemlock plans more drilling in Sinaloa
Having carried out a first phase of exploration on its San Jose de Gracia gold project in western Mexico, Golden Hemlock Resources (GHE-V) is preparing to conduct follow-up drilling.The first phase co…
METAL PRICES — Daily Metal Prices (May 19, 1997)
BASE METALS (London Metal Exchange – Midday bid/ask prices in US$ per tonne)DateMay 13May 12May 9May 8May 7…
Barrick works to upgrade Diablillos project in Argentina — Company shares indirect interest in gold-silver project with Pacific Rim Mining
In an attempt to increase the resource of the Oculto gold-silver zone, Barrick Gold (ABX-T) has completed an 8,000-Metre drill program on the Diablillos property in the northwestern Argentine province…
Noranda signs on with Aripuana juniors — Major joins Ambrex, St. Genevieve and Ourominas in Brazil
The Aripuana base metals project in Brazil has attracted the attention of a Canadian major.Noranda (NOR-T) has signed a letter of intent to invest up to $28.9 million in Aripuana in order to gain up t…
LETTERS TO THE EDITOR — Let’s put Bre-X behind us
Considering that the Busang deposit of Bre-X Minerals is a bust, it is important for investors everywhere to reflect on a number of truths about the Canadian mining industry:* Mining helped found Cana…
Russian gold output slides as costs mount
Russian gold production is on the wane as a result of tension between industry and the government, according to the head of an association of prospectors in the country.Viktor Tarakanovsky of the Unio…