News in Brief (October 10, 1988)

Eastmaque Gold Mines (TSE) has agreed to participate in an exploration program in Papua New Guinea. Over the next six months, Eastmaque will spend $190,000 on the project.

For the year ended June 30, the company realized earnings of $2.6 million or 11 per share on revenue of $11.3 million from gold production of 19,858 oz. The company mines gold from the Cargo Muchacho open pit in California and from the Kirkland Lake tailings recovery operation near Kirkland Lake, Ont.

A joint venture agreement between Canyon Resources and American Consolidated Gold Corp. (ACGC), a Colorado-based gold exploration company, has commenced on the Cedar Mountain gold property in Mineral Cty., Nev. ACGC has the right to earn a 60%-working interest in the property by expending $300,000 on exploration and drilling over a 3-year period. ACGC, managed by Bond International Gold, will be the operator of the project known as the Cedar Mountain Venture.

The first profit-sharing checks were handed out to Lucky Friday hourly employees recently by Hecla Mining Co., worth a total of $143,855. Profit-sharing checks averaging $1,027.53 for the month of August were distributed to 140 qualified people. The amount each person received was calculated on a system based on the hours worked during the month. Profit-sharing payments added an average of $5.58 per hour to a grade 7 miner’s base wage of $9.71 per hour, bringing the actual realized wage rate in August up to $15.29 per hour.

The profit-sharing agreement with the United Steelworkers of America, Local 5114, went into effect in July as part of a 3-year contract.