Pamorex earnings

Pamorex Minerals (TSE) realized a profit for the second quarter ended Sept 30, of $731,000 or 5 per share. This compares with a loss of $294,000 or 1 per share in the same period last year.

The profit is due to an extraordinary gain of $923,000 resulting from the sale of a 50% interest in the Bell Creek gold mine near Timmins, Ont. The mine and an interest in the Murphy-Hoyle joint venture, were sold to Canamax Resources (TSE) for $16.5 million recently.

Pamorex has used a portion of the proceeds to purchase a 100% interest in Arctic Precious Metals from Giant Yellowknife Mines (TSE) for $3.1 million. The purchase adds to Pamorex’s exploration portfolio.

Earlier this month, the company agreed to issue 4.8 million shares to Giant Yellowknife for $3.5 million. Giant now holds a 23.9% interest in Pamorex.