Vauquelin reports second-half loss

Montreal-based junior Vauquelin Mines (VAQ.A-M) has reported a net loss of $26,000 (or nil per share) for the 6-month period ended Dec. 31, 1996, compared with a net income of $1.1 million (12 cents per share) for the same period in 1995.

The company’s revenue in the second half was $302,000, down from $1.3 million for the same period the previous year. The difference stemmed from the $1.1-million capital gain realized during the last half of 1995 on the sale of shares of West Africa Mining Exploration (SMF-T) obtained in the sale of an interest in the Teleku-Bokazo property in Ghana.

In 1996, Vauquelin spent $486,000 on exploration. This year, the firm has two new exploration permits in Madagascar and is negotiating to obtain permits in the Congo and the Central African Republic.