A number of things separate Glamis Gold from its Vancouver counterparts. The first would have to be its “low-key” approach to doing business.
The second relates to the fact that it showed a net profit of $929,119 for the 6-month period ended Jan. 31, 1983, compared with a loss of $86,632 for the year finishing July 31, 1982. Gold production during the period was 3,995 oz., plus 271 oz. silver. The average price received for gold was US$433 per oz.
The slump in the base metals sector, its main source of revenue in the past, has all but overshadowed some positive developments in the precious metals division at Placer Development, this country’s largest producer of molybdenum.
The company’s Golden Sunlight mine, 60 km east of Butte, Mont., has been operating since January, and the first gold was poured in early February. Since that time, seven more dor bars have been poured.
A surprise to no one, the three men most responsible for the discoveries at Hemlo have been chosen “prospectors of the year” by the Prospectors & Developers Association of Canada. John Larche, Donald MacKinnon and David Bell will receive the award at the PDAC’s annual convention in March.
Larche and MacKinnon first set the wheels of the Hemlo discoveries in motion when, in early 1980, they staked an old drilled gold prospect north of Lake Superior along the old Trans-Canada Highway.
The two veteran prospectors showed their findings to geologist David Bell, who liked what he saw and directed them towards financial backing through a little-known Vancouver company, Corona Resources, which is headed by Murray Pezim.
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