Canamax reports higher revenues

Gold production from three new Canadian gold mines was reflected on Canamax Resources’ (TSE) recent financial results.

The company reported that revenues for the three months ended Sept 30, increased to $4.4 million on gold sales of 7,987 oz from $0.2 million and 296 oz in the third quarter of 1987.

As a result, revenues from the first nine months of 1988 increased to $8.2 million on sales of 14,540 oz from $1.1 million and 1,940 oz in the first nine months of 1987, Canamax said.

While Canamax said it has benefitted by acquiring full ownership of the Bell Creek gold mine near Timmins, Ont., from Pamorex Minerals, teething problems at the Ketza River and Matheson gold mines contributed a third quarter net loss of $2.2 million or 15 per share compared to $4.4 million or 32 at the same time last year.

Net losses for the nine months ended Sept 30, dropped to $5.2 million or 35 per share from $10.2 million or 78 per share last year.

The average price which the company realized for its gold in the first nine months of 1988 increased to $458(US) per oz from $419 in the corresponding period last year.