Hudson Bay earnings reflect gain on sales.

Hudson Bay Mining and Smelting realized net earnings of $13.5 million during the third quarter of this year. This compares to profit of $3.6 million during the same period last year.

For the nine month period, the base metals producer earned $35.6 million on revenues of $252.2 million compared to a loss of $9.2 million last year. The improved third quarter results reflect a credit related to the capitalization of exploration expenses at the company’s high grade Namew Lake nickel mine, south of Flin Flon, Manitoba. The nine month results also reflect gains realized from the sale of a 40% interest in that project to Outokumpu, a Finnish mining concern.

Hudson Bay plans to bring the Namew Lake mine into production during the fourth quarter of 1988. The operation is expected to produce 525,000 short tons of ore annually. This will yield 68,000 tons of nickel concentrate and 13,500 tons of copper concentrate.

Hudson Bay’s copper output is expected to further increase following the purchase of the Ruttan copper mine, also in Manitoba. This operation, purchased earlier this year from Sherritt Gordon Mines, will add 60 million lb of copper, 30 million lb of zinc, 463,000 oz of silver and 18,000 oz of gold per year.

The company is a wholly-owned subsidiary of New York-based Inspiration Resources.