A 30% equity interest in Cuisson Lake Mines has paid off for United Gunn Resources in 1987. The company’s share of profits from Cuisson Lake’s earnings amounted to $950,000. United Gunn repaid its debt to Gibraltar Mines which at the beginning of the year was $520,000.
Other shareholders of Cuisson Lake are Placer Dome with a 29% interest and Gibraltar with 41%. Cuisson holds claims covering part of the Granite Lake zone near McLeese Lake, B.C., being mined by Gibraltar. The company mined 4.5 million tons of ore from Cuisson’s claims in 1987. This ore was purchased by Gibraltar at market prices net of processing and development costs, generating revenue for Cuisson of $26 million in 1987.
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