Goldtex Resources, Canadian Mountain to merge
Talks between Canadian Mountain Minerals (CYM-A) and Goldtex Resources (GXR-A) have led to an agreement that will see the two companies merge.The merger agreement has yet to be approved by shareholder…
News
Etruscan to sell property
The Hackett River base metal property is about to change hands.NovaGold Resources (NRI-T) has announced plans to acquire Hackett River Resources, which has a 53% interest in the property, situated 400…
Junior active in Congo
Newly listed Magnesium Alloy (MGAC-C) has set its sights on becoming a major producer of magnesium metal.Toward that end, the junior has acquired two exploration permits in the Kouilou region of the D…
Placer Dome takes US$247-million writedown
Low bullion prices have induced Placer Dome (PDG-T) to take an after-tax writedown of US$247 million, or US99cents per share.The Vancouver-based major will record an unaudited loss for 1997 of US$260 …
Major eyes MacMillan copper prospect in Peru
Rio Tinto Mining & Exploration has set its sights on a copper-porphyry project held by Toronto-based MacMillan Gold (MMG-T) in the northern Ancash department of Peru.The major can earn a 51% interest …
Nebex funds Albanian venture
Nebex Resources (NBX-T) will use the proceeds from a $1.9-million private placement to fund work at the Munelle polymetallic deposit in Albania.Late last year, the company received government approval…
Patrician raises funds through share issue
Patrician Gold Mines (PXX-A) has raised $400,000 to continue exploring several of its gold and base-metal properties in the vicinity of Timmins, Ont.The company recently closed two separate private pl…
Gold Canyon drills Springpole
Junior Gold Canyon Resources (GCU-V) has begun a 2,400-metre program of diamond drilling at its Springpole gold project, 113 km northeast of Red Lake, Ont.The program will focus on the East Extension …
Alta pours gold at Griffon
Alta Gold (ALTA-Q) has poured its first gold at the Griffon heap-leach mine in Nevada’s White Pine Cty.When development began in July, reserves were deemed sufficient for only two years of mining. How…
Cyprus pulls through despite flat prices
Despite dwindling gold and copper prices, Cyprus Amax Minerals (CYM-N) landed in the black last year.The company earned US$69 million (or 54cents per share) on revenue of US$3.3 billion in 1997, compa…
Index (February 02, 1998)
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CORRECTION (February 02, 1998)
DiamondWorks (DMW-T) expects to produce 9,000 carats per month at its Yetwene property in Angola. The diamonds are expected to have a value, as opposed to a cash production cost, of $US280 per carat. …