NEWS ROUNDUP — Espalau records loss for fiscal ’96

During the last fiscal year, Espalau Mining (EPU-M) suffered a loss as it attempted to change its orientation from a holding company to a junior gold producer.

Espalau reported a loss of $5.1 million (or 49 cents per share) for the year ended Aug. 31, 1996, compared with earnings of $656,000 (8 cents per share) for the previous fiscal year.

The only revenue generated was from Espalau’s subsidiary, Ross Finlay, a drilling company active in northern Ontario.

Espalau, which is based in Val d’Or, Que., has several projects on the go, including: the $5.5 million sale of Ross Finlay to its employees; the reopening of the Bachelor Lake gold mine near Desmaraisville, Que.; the optioning of other properties near Bachelor Lake; and the optioning of gold properties in Ecuador and Chile.