News in Brief (May 18, 1987)

For the three months ended March 31, SherrGold Inc. posted a net loss of $2.9 million or 28 cents per share, up from a net loss of $440,000 or 4 cents per share posted in the first quarter of 1986.

Teck Corp. reports net earnings of $13.2 million on revenues of $95.2 million for the six months ended March 31, compared with net earnings for the same period last year of $11 million on revenues of $98.4 million. Net earnings per common share, after deducting preferred share dividends, were up from 19 cents to 24 cents . Cash flow from operations was $33.2 million, or 99 cents per share, up from $28.6 million, or 94 cents per share.

Tanqueray Resources has acquired an option to earn a 100% interst in a 3,254 acre claim block along the Cameron River, 40 miles northeast of Yellowknife. Shallow drilling completed in 1975 on the property intersected anomalous gold values. One such hole cut 0.126 oz gold per ton over 17 ft. The company plans a geophysical, geochemical and geological program, including diamond drilling on the property this month.

The new class A common shares of Equity Silver Mines were posted for trading on the tse on May 1, at which time the listed common shares of the company were delisted.

The common share purchase warrants in respect of 3,801,122 common shares of Royex Gold Mining Corp. were posted for trading on the tse at the opening of business on May 5. Each warrant entitles the holder to purchase one common share of Royex at a price of $7.50 per share at any time before 4:00 pm on April 30, 1992.

United Keno Hill Mines says it has a second agreement with NIM and Company, Limited Partnership-1987 for flow-through exploration funding. United Keno will issue 43,334 common shares to NIM in return for $1.3 million with which to finance exploration expenditures on United Keno’s properties this year.

Toronto-listed Acadia Mineral Ventures has picked up more ground in the Elmtree-California Lakes area of northeastern New Brunswick. The company purchased 380 claims from Sparton Resources Inc., also of Toronto, in exchange for a 10% net smelter interest. Acadia must spend $60,000 on exploration and make a cash payment of $90,000.

The Series “B” and Series “C” preference shares of Royex Gold Mining started trading May 11 on the Toronto, Montreal and Vancouver stock exchanges. These shares were issued as a result of the Royex offer whereby the company increased its interest in International Corona Resources from 38% to 50%.