U.S. REPORT Asarco closes Coeur silver mine
As a result of a sustained drop in the price of silver, Asarco (NYSE) plans to shut down its 55% owned Coeur silver mine in northern Idaho. The balance of the mine is owned by Coeur d’Alene Mines (NYS…
News
Toronto Stock Exchange Freewest hits new high as golds join market
Despite compelling evidence from Statistics Canada that the Canadian economy is still weakening, bargain hunters were out in force during the week ended Feb. 5. Drawn back into the market by lower int…
Letters to the editor Solution to Canada’s economic malaise
There are probably as many beefs about government spending as there are Canadians (T.N.M., Jan. 21/91). One could point to the continual waste by CIDA and most recently the $14 million spent on the Ya…
Goldbelt drilling two Glen Auden bets
Drilling started this month on two gold properties under option to Goldbelt Mines (VSE) from Glen Auden Resources (TSE) in northern Ontario. The first property, comprising 219 claims, is in Moody Twp….
Drop in nickel prices hurt Inco
A decrease in Inco’s (TSE) income for the year ended Dec.31 was mainly the result of lower realized nickel prices, the company says. In 1990, nickel prices averaged US$4.10 compared with US$5.61 in 19…
U.S. REPORT Bema proposes takeover of Norgold
A takeover of Norgold Resources (VSE) has been proposed by Bema Gold Mines (TSE) on the basis of one Bema share for 2.5 shares of Norgold. Certain insiders at Norgold have entered a lockup agreement w…
Committee focuses on impact to mining industry in Yukon
A group of people representing miners, environmentalists, native people and the government have a tall order in the Yukon: they must reach a consensus. Members of the Yukon Mining Advisory Committee a…
Three drills at Lightning
Diamond drilling continues with three machines in an on going exploration program to build reserves on the Lightning gold zone of Noranda (TSE), Freewest Resources (TSE) and Teddy Bear Valley Mines (C…
Chamber meeting set in Nova Scotia
The Chamber of Mineral Resources of Nova Scotia annual meeting and seminar will take place Feb. 13-14 at Halifax. Guest speakers at the Feb. 13 dinner will include Jack MacIsaac, minister, Nova Scotia…
U.S. REPORT Clarke loses suit against DRX board
Former DRX (NASDAQ) president Robert Clarke recently lost his court battle against DRX and the New York holding company’s board of directors. The Delaware district court judge ruled in favor of DRX on…
Waddy Lake boosts reserves at Komis
Based on the results of a check assaying program on resect results as well as all historical data, Waddy Lake Resources (TSE) has calculated a preliminary reserve of 562,000 tons grading 0.43 oz. gold…
FUTURES PRICES (February 11, 1991)
N.Y. Commodity Exchange Week’s High Low Close Change COPPER (HG) (in US cents per lb.) Feb 107.25 105.20 107.00 +1.15 Mar 107.20 104.70 106.75 +1.40 Apr 106.00 104.40 105.95 +1.15 SILVER (in US cents …