Queenston Gold Mines reports net income of $793,000 for the nine mon ths to Sept 30, nearly double the income figure of $440,000 recorded in the similar period last year.
President Michael Gray says the improved income is attributable not only to higher gold prices, especially in the third quarter, but to increased gold production from the McBean open pit gold mine at Kirkland Lake, a joint venture of Queensston and Inco Ltd.
In the latest nine months, Queenston’s net gold production, from the McBean mine and from the Macassa mine royalty properties owned jointly by Queenston and Lac Minerals, was 6,956 oz, against 6,253 oz in the 1985 period.
Mr Gray particularly notes the custom milling agreement recently signed by the McBean joint venture with Golden Shield Resources under which the McBean mill will process Golden Shield ore at approximately 400 tons per day starting early next year.
He said a minimum of 90,000 tons and up to 140,000 tons greater throughput could be expected during 1987 as a result of the agreement.
Queenston has a number of exploration programs under way in both Ontario and Quebec, including the Detour Lake joint venture in northwestern Quebec, (with Falconbridge Ltd. and Bruneau Mining), where assays from recent drilling are expected shortly.
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