Toronto-based Rockford Minerals (TSE) says that as of December 31, 1990, it has written down the carrying value of its Larder Lake and Swansea gold projects from an aggregate of $7.4 million to an aggregate of $1 million.
Rockford says the writedowns were necessary because of a variety of factors including current gold prices, Rockford’s deficiency in working capital and its inability to raise new capital to continue development.
The carrying value of Larder Lake and Swansea has been written down to $900,000 and $100,000 respectively. Both properties are near Kirkland Lake, Ont.
Be the first to comment on "NEWS IN BRIEF Rockford writes down gold properties"