Abermin Corp. (TSE) reported a $355,000 net loss for the quarter ended March 31 compared to a $202,000 loss a year earlier. Working capital (cash and short term deposits) totalled $1.5 million at the end of the period.
The company is waiting for a report from Strathcona Mineral Services relating to operational difficulties at the Granges/Abermin Tartan Lake mine in Manitoba. The mill has resumed production after a mechanical breakdown and the previously announced bulk sampling program from the 260-m level is in progress. If Strathcona’s initial assessment is correct the mine could be run at a significantly reduced scale and other targets explored for additional reserves.
Underground development started in April at Abermin’s Lara property on Vancouver Island. The program is expected to take about six months and will provide a bulk sample for metallurgical test work and the preparation of a pre- feasibility study by early 1989.
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