Cambior, Audrey sell gold forward

Two mining companies in northern Quebec, Cambior Inc. (TSE) and Audrey Resources (TSE), recently revealed details of forward sales of production.

Cambior will deliver, during the last four months of 1988, 55,000 oz gold, or 77% of planned production for the period, at $444(US) per oz to meet previously contracted forward sales. In addition, during the next four years (1989-1992), the company is committed to forward sales totalling 250,100 oz at varying prices.

Cambior, which was forecasting total gold production this year of 200,000 oz, has downgraded its estimate to 185,000 oz.

Audrey has completed the forward sale of 36,000 oz gold at $465 per oz, to be delivered beginning Dec 31, 1989, at a rate of 4,500 oz per quarter, over eight quarters. This sale represents about 60% of the company’s gold production starting July, 1989.

Operator at the polymetallic Mobrun project near Rouyn- Noranda, Que., Audrey has suspended operations there while it deepens the existing shaft and builds a mill.