Clarification (November 24, 1997)
Further to our report on AfriOre’s (AFO-V) Umgen coal project in South Africa (T.N.M., Nov. 12-23/97), The Northern Miner has learned the following:* A preliminary estimate of AfriOre’s annual cash fl…
News
TORONTO STOCK EXCHANGE INDICES (November 24, 1997)
1997Nov. 18Nov. 17Nov. 14Nov. 13Nov. 12HighLowCom…
Twin Gold finds target at Layuh
A mineralized breccia body was discovered by Twin Gold (TWG-T) at its 85%-owned Layuh property in South Kalimantan, Indonesia.The company says the body was exposed in outcrop over an area of at least …
Indochina Goldfields set to develop first phase of Bakyrchik
The final engineering report and production plan for the US$100-million Bakyrchik gold project in Kazakstan has paved the way for Indochina Goldfields (ING-T) to embark on first-phase construction of …
IPM consultant verifies gold at Black Rock
International Precious Metals (IPMC-C) has announced that a study by consulting firm Bateman Engineering has “confirmed the presence of gold and platinum” on the company’s Black Rock property in weste…
Royal Oak tightens belt as Kemess South takes priority
Low gold prices are forcing Royal Oak Mines (RYO-T)to trim production costs and lay off workers.The strategy is designed to ensure the company has sufficient cash on hand to complete construction of t…
Fremont grabs more ground in northern Chile
Junior Fremont Gold (FGLD-Q) has signed a letter-of-intent to acquire the 80,000-ha Dania gold property in the Maricunga district of northern Chile.The property, currently owned by Chilean-based Dania…
Gold output, exploration spending up in Kyrgyzstan
Kyrgyzstan has attracted US$1.7 million in foreign mineral exploration funds and is expected to produce 15 tonnes of gold in 1997.Much of the financing was provided by the joint-venture partners of st…
EDITORIAL — Walsh’s plans for Bresea a bad joke No gold, plenty of brass
Bre-X Minerals, the junior mining company whose fabulous Busang gold deposit turned out to be a fraudulent sample factory, is at last where it belongs — in the hands of a bankruptcy trustee. Its liab…
Campbell pulls plug at Santa Gertrudis — Junior rethinks strategy after third-quarter loss
With no foreseeable sign of a turnaround in the weakened gold market, Campbell Resources (CCH-T) is suspending operations at its Santa Gertrudis mine in Sonora state, Mexico, in order to focus on expl…
Pegasus shuts down Mt. Todd gold mine
Pegasus Gold (PGU-X) has responded to the depressed gold price by announcing its intention to close down the Mt. Todd gold mine in Australia’s Northern Territory.The company also took a nearly US$400-…
PEOPLE — YUKON SPIRIT (November 24, 1997)
Gerry McIlhargey, Irving Bakerman and Fleming Sondergaard elected directors.