MINING MARKET & INVESTMENT NEWS — Inter-Rock posts 1998 loss

Inter-Rock Minerals (IRO-T) has followed in the footsteps of many of its peers by posting a loss for 1998.

The loss totalled US$1.42 million (or 9 cents per share), compared with a loss of US$1.79 (11 cents per share) in 1997.

The 1998 loss reflects Inter-Rock’s sale of its 65% interest in the Daisy gold mine to former partner Rayrock Resources, which has subsequently merged with Glamis Gold (GLG-T). The Daisy mine is east of Beatty, Nev.

Fourth-quarter losses amounted to US$54,000, compared with a loss of US$238,000 in the year-ago period.

Inter-Rock began the year with US$904,000 in cash, generated from the divestment of its gold assets. The company is now focused on industrial minerals.