Windarra planning major exploration
Windarra Minerals (VSE) reports that its initial private placement with Hemlo Gold Mines (TSE) has been completed. The placement consisted of two million shares at $2 per share, providing $4 million t…
News
St. Genevieve Res. reports loss in ’87
A net loss of $3.8 million (47 cents per share) was reported by St. Genevieve Resources (ME) during 1987, compared with a loss of $11,980 (1 cents per share) for the previous year. The company attribu…
Echo Bay completes Muscocho acquisition
Edmonton-based Echo Bay Mines (TSE) has completed the purchase of $23.5 million in convertible debt securities of Muscocho Explorations (TSE), Flanagan McAdam Resources (TSE) and McNellen Resources (V…
Cambior earnings up
First-quarter earnings jumped 16.3% compared with the same period in 1987, Cambior Inc. (TSE) reports. Net earnings were $3.6 million (15 cents per share) on revenue of $26.6 million, compared with $…
Eastmaque signals trend by recovering gold from tailings
Officials cut a ribbon here May 31 to open the country’s first commercial tailings re-treatment project. About 60 people were on hand to help Eastmaque Gold Mines (TSE) celebrate the occasion. With si…
Blackdome dividend reduction could spell increased output
Among Canadian gold producers, Blackdome Mining’s (TSE) dividend policy was probably the most generous. Indeed, last year’s payout of $6.7 million was about 109% of net income which was simply unsusta…
Battle Mountain backs out of deal with Noramco
A proposed $40-million deal between Battle Mountain Gold (TSE) and Noramco Mining Corp. (TSE) has collapsed following a review of Noramco’s projects by Battle Mountain. The big U.S. gold miner had agr…
News in Brief (June 06, 1988)
Liberian Iron Ore (TSE) has announced that the Liberian American-Swedish Minerals Co. has repaid the balance of $4.677 million(US) of the bank loan it obtained in 1983 to enable it to finance at that …
Galveston loss
A major shareholder of Royex Gold Mining (TSE) with a 21% interest, Galveston Resources (TSE), reports a net loss of $333,000 (1 cents per share) for the three months ending March 31, compared to a n…
Ramcor Res. acquires five Quebec claims
Ramcor Resources (ME) has acquired from Rejean Roy a group of five claims located in Dalquier Twp. north of Amos, Que., in return for 100,000 common shares and payment of a 1.5% net smelter royalty. A…
Stan West financing
An $8.5-million debt financing has been completed by Stan West Mining (TSE) which will fund development at the company’s McCabe gold project in Arizona. Placed with Elders Finance Group, an Australia…
Newmont Gold’s reserves up 55% to 31 million oz
Just three months after Newmont Gold announced a $404-million program designed to develop its gold deposits on the Carlin trend in Nevada, the expansion policy is beginning to pay off. While reserves …