The continued successful operation of the Goldstream underground copper-zinc mine near Revelstoke, B.C., helped 50% owner Bethlehem Resources (TSE) report net earnings of $669,000 for the third quarter ended Oct. 30.
The Goldstream mine is a 50-50 joint venture with Goldnev Resources (VSE), which in turn is an 85% owned subsidiary of Prime Equities International (VSE).
The mine produced 8.87 million lb. copper and 1 million lb. zinc during the third quarter.
For the 9-month period, Bethlehem reported earnings of $2.25 million, or 14 cents per share. At the end of the third quarter, Bethlehem’s portion of the loan on the project stood at $2.099 million, down from $2.532 million at the end of the previous quarter.
Including the recent payment of $963,000, Bethlehem has repaid almost two-thirds of its share of the funds borrowed to reactivate the mine.
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