Cyprus announces huge writedown
The new chairman and chief executive officer of Cyprus Minerals (NYSE), Milton Ward, recently announced writedowns totalling US$415 million. The writedowns reflect weak markets for some of the company…
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STOCK MARKETS — First-hole results at Casino boost shares of
Trading statistics for the Vancouver Stock Exchange mirror a general feeling of malaise at brokerage houses where phones are quiet. After comparing the second quarter of 1992 with the first, the excha…
Shipes sees bright future for Arimetco
By using low-cost methods to produce cathode copper at properties in North and South America, Arimetco International (TSE) Chairman Roy Shipes says he wants to turn the company into an industry powerh…
USMX in production at Yankee
After a year of permitting, engineering and construction, USMX (NASDAQ) recently brought a third producing property into production on the Alligator Ridge trend near Ely, Nev. The project, dubbed the …
Royal Oak cleared in tailings spill
Royal Oak Mines (TSE) says it (with predecessor Pamour Inc.) has been cleared by the Ontario Environmental Appeal Board of any liability in connection with the Oct. 17, 1990, tailings spill at the for…
LATIN AMERICA — Joint venture to explore in Uruguay
A joint venture involving Santa Fe Pacific Minerals, Gold Standard (PSE) and Big Pony Gold (NASDAQ) will explore for gold in Uruguay. Gold Standard and its 50% owned subsidiary Big Pony, both based in…
Rembrandt funds
Shareholders of Rembrandt Gold Mines (ASE) approved a $300,000 private placement of 1.5 million shares at 20 cents per share at the recent annual meeting. The company says the proceeds will be used fo…
Willingdon acquires three properties
To complement the silver property portfolio it hopes to gain through a proposed merger with Sandy K Mines, Willingdon Resources (CDN) has picked up three properties in northeastern Ontario. The junior…
Skyline winding down exploration
Difficulties in raising risk capital have prompted Skyline Gold (TSE) to defer further exploration on its claims in the Iskut River gold camp of northwestern British Columbia. The company also announc…
STOCK MARKETS — Rio Algom receipts popular despite uranium
Active trading in receipts issued by Gordon Capital kept Rio Algom among the volume leaders on The Toronto Stock Exchange during the week ended July 7, despite concern over potential cleanup liabiliti…
INSIDER TRADING — Cambior president active in market
Louis Gignac, president of gold miner Cambior (TSE), recently moved into the market to increase his share holdings. According to the Ontario Securities Commission’s OSC Bulletin, Gignac bought 3,000 s…
Fluorite benefits from ozone fears
The planned phasing out of chlorofluorocarbons (CFCs) by the year 2000 or earlier has prompted a number of companies to begin exploring and developing fluorite deposits. Fluorite, also known as fluors…