A major shareholder of Royex Gold Mining (TSE) with a 21% interest, Galveston Resources (TSE), reports a net loss of $333,000 (1 cents per share) for the three months ending March 31, compared to a net profit of $427,000 (3 cents per share) for the same period last year.
Galveston, a former Murray Pezim company, is earning up to an 80% interest in the Fort Cady colemanite property in California from which boric acid may be recovered by solution mining.
In Newfoundland, the company may earn a 50% interest in the Devil’s Cove property on the Baie Verte Peninsula by spending $6 million on exploration work by the end of 1989. Also, Galveston has a 50% interest in 766 claims along Nevada’s Carlin belt, and an option to earn a 50% interest in additional claims.
Shareholders of Galveston, along with Royex and International Corona Resources, Mascot Gold Mines and Lacana Mining, all listed on the TSE, voted June 3 on a proposed amalgamation.
Be the first to comment on "Galveston loss"