Faro holds promise for cash-strapped Anvil

For the fiscal year ended Oct. 31, 1995, Anvil Range Mining (TSE) lost $3.1 million, or 23 cents per share. But the company hopes soon to find itself back in the black now that production has resumed at the Faro lead-zinc mine in the Yukon.

The mine re-entered production in August and, by the end of October, had cranked out 75,398 tonnes of lead and zinc concentrates for a value of $22.2 million.

Anvil plans to establish a working capital fund of $128 million, with which it will explore other Yukon properties, develop the Dy deposit (part of Faro), and upgrade mine and mill equipment. Towards this end, it will issue $30-40 million in convertible debentures to provide an initial reservoir of funds.