Total revenues reached $70.9 million compared to $36.5 million for the same period in 1988. Included in the earnings is an extraordinary gain of $3.6 million resulting from the sale the Bissett gold assets to Rea Gold Corp.
The Cassiar asbestos mining operation contributed $20.09 million in revenue and the Similco copper mine contributed $17.6 million. Both operations are located in British Columbia.
Cassiar recently paid $6.88 million to redeem preferred shares under its bank loan agreement and a further payment of $4.86 million will be made in August using cash flow from the Cassiar open pit operations. The balance of $2.4 million is expected to be retired before year-end.
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