Canamax Resources (TSE) has concluded a $39.5-million writedown of the company’s assets and investments in other exploration firms to be provided for its year- end accounts. The writedown resulted from Canamax’s previously announced plan to review the company’s ore reserves in the light of current exchange rates and gold prices. Revised ore reserves from the company’s three mining operations, based on mine operating plans, are reported as follows: 0406,0006,0203,0006,0309,0100, Gold Grade Bell Creek Tonnes (grams/tonne) Proven &
probable 360,208 6.94 Possible 186,338 6.87 Kremzar Proven &
probable 181,944 6.27 Possible 107,645 7.95 Lachalsh Proven &
probable 77,200 5.2 Possible 147,550 5.1 Ketza River (oxide) Proven &
probable 12,902 9.77 Possible 3,519 9.56 (sulphide) Probable 75,000 13.12 Possible 100,000 10.00
The company said operations and property exploration activities are continuing at Bell Creek, but the Kremzar and Ketza River mines have been placed on a care-and- maintenance basis.
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