Starrex reports profit in 1988 third quarter

Now in its first year as a gold producer, Starrex Mining (TSE) recently reported a third quarter profit of $619,116 or 16 per share.

A 35% joint venture partner with Uranerz Exploration and SMDC at the Star Lake gold mine in Saskatchewan, Starrex also reported a $1.9 million or 48 per share profit for the first nine months of 1988.

Third-quarter revenues were $1.57 million and $3.59 million for the first nine months of 1988.

Comparative 1987 results are unavailable because the company didn’t become a gold producer until mine and mill financing was repaid in April.

The Star Lake mine is located about 80 miles north of La Ronge, Sask.