Canhorn moving into industrial minerals

With working capital of $1.6 million, Toronto-based Canhorn Mining (TSE) is getting out of gold and base metal exploration to concentrate its efforts on industrial minerals such as silica and dolomite. The company’s precious and base metal exploration properties have already been optioned off or are under consideration for option by major mining companies. Canhorn has recently acquired a 1-year option to purchase 100% of the shares of Daria International for US$300,000. Based in Niagara Falls, N.Y., Daria manufactures silicon carbide bricks, as well as desulphurization alloys and other products for the steel and foundry industries.

Since Daria is a developing company the option will be exercised only when profitability and future growth are firmly established, says Canhorn. Daria currently has annual sales of about US$5 million with the potential to reach US$12 million by year-end. Regulatory and shareholder approval will also be required by Canhorn to exercise its purchase option.