FUTURES PRICES (March 26, 1990)
N.Y. Commodity Exchange Week’s High Low Close Change COPPER (HG) (in US cents per lb.) Mar 129.10 127.50 128.00 + 9.00 Apr 122.90 121.50 121.30 + 6.15 May 119.00 116.70 117.30 + 4.60 SILVER (in US cen…
News
Franco executes private placement
Franco-Nevada Mining (TSE), which holds a royalty interest in American Barrick Resources’ (TSE) Nevada-based Goldstrike mine, recently completed a private placement of 500,000 special warrants. Exerci…
Avino production sharply higher
Record gold and silver production is reported by Avino Mines & Resources (VSE) for the Avino mine near Durango in central Mexico. Silver production reached 873,000 oz. in 1989, a 56% increase over the…
Asarco challenges Freeport deal
A lawsuit has been initiated by Asarco (NYSE) challenging the sale by Freeport-McMoRan Gold (NYSE) of its 50% interest in the Santa Cruz copper project in Arizona to Minorco. The suit, filed in New Yo…
Losses continue for Callahan
Red ink continued to flow for Callahan Mining (NYSE) which reported a loss of US$13.3 million for the year ended Dec. 31. The loss includes a writedown of US$8.5 million relating to the Ropes gold min…
Orex preparing for feasibility study
Exploration Orex (ME) is weeks away from completing a bankable feasibility study on the Goldboro property in Nova Scotia. The company is seeking about $50 million from a major bank to construct a test…
Battle Mountain options Crown Jewel
Through a cash payment of US$5 million, Battle Mountain Gold (NYSE) has obtained an option to acquire a 51% interest in the Crown Jewel property owned by Crown Resources (VSE) in Washington State. Bat…
Montreal Exchange Spirit Lake drilling
The declining price of gold seemed to have little or no effect on resource issues during the week ended March 20. Moving the other way, the exchange’s mining and minerals index jumped almost 56 points…
FINANCING (March 26, 1990)
VANCOUVER Eurogold Res — gross proceeds rec $225,000. Ticker Tape — 600,000 offered @ 57 cents per unit. Pioneer Northern — 600,000 offered @ 40 cents per sh.
Spot prices at a glance (March 26, 1990)
Week’s Price (US) Change Gold* $389.90 — $8.90 Silver* $5.05 — $0.04 Platinum* $486.75 — $15.75 Nickel** $4.66 + $0.53 Lead** $0.49 — $0.06 Copper- $1.20 + 0.02 Zinc $0.80 + $0.01 Courtesy of Scot…
Varna drilling reveals downdip extensions of Lightening gold zone
A drilling program launched earlier this year on the Ming’s Bight property in Newfoundland is confirming strike and downdip extensions of two separate gold zones. Varna Gold (ASE) says Corona (TSE) ha…
Dickenson after higher grade, lower cost at White gold mine
Gold producer Dickenson Mines (TSE) increased output and tonnage and lowered its production costs last year at its Red Lake operation in northwestern Ontario. This year, the company would also like to…