EXPLORATION ’95 — Management of Westmin sees better times

Management of Westmin Resources (TSE) is expecting a significant improvement in its earnings and cash flow this year.

Even though it posted a loss of $24.8 million for 1994, somewhat reduced from the loss of $27 million in 1993, Westmin says 1994 ended on a positive note. The company’s Myra Falls base metal mine is now reported to be operating on an improved basis after a lengthy labor dispute which began in April of 1993. The dispute was satisfactorily resolved last August. “The restart of the Myra Falls operation has gone much better than expected,” said Westmin President Walter Segsworth. “Production of copper concentrate from the beginning of October to the end of January is more than 30% over plan. The first quarter will see a return to profitability.” The company is also encouraged by improved metal prices and significant new discoveries at Myra Falls.

Westmin also operates the Premier Gold mill at Stewart, B.C. Processing of Snip mine concentrate is helping the company offset losses from underground mining.