Placer Dome farms out QR deposit to junior
Eleven years ago a significant gold discovery was made near Quesnel, B.C., which later became known as the QR deposit. Dome Exploration, which has since been absorbed into Placer Dome (TSE), evaluated…
News
Northgate buys 20% stake in Holmer Gold Mines Ltd.
Northgate Exploration of Toronto (TSE) has acquired 680,000 shares of Holmer Gold Mines Limited (ASE), which represents approximately 20% of the total shares outstanding for consideration of 60,000 No…
Metal Prices FUTURES PRICES (April 18, 1988)
N.Y. Commodity Exchange Week’s High Low Close Change COPPER (in US cents per lb.) Apr 102.00 97.00 97.00 — 10.00 May 101.80…
Silverside boosts Garrison reserves
Drill-indicated reserves on zones 5 and 6 at the Garrison property (106 claims) in the Matheson area of northern Ontario have been increased to 400,000 tons grading 0.17 oz gold per ton, Silverside Re…
Minerals division improves Noranda results
The forest products division of Noranda Inc. (TSE) may have led the way in 1987 in earnings, but in terms of the company’s net investment, the metals and minerals division is tops, the company reports…
Renabie boosts output in ’87
Net income of $900,000 was recorded by Renabie Gold Mines during fiscal 1987 (for the 12 months ending Sept 30,), compared with a profit of $1.5 million in 1986. An increase in depreciation and amorti…
Timmins area mines seek help to overcome shortage of miners
The shortage of miners in the Timmins area is so acute that it is time for the federal and provincial governments to step in and begin funding training programs, says the secretary of the Porcupine Mi…
Ennex’s 1987 revenues up despite mine interruption
Despite a work interruption at the Little Bald Mountain mine in Nevada, higher gold prices enabled Ireland-based Ennex International to report a slight increase over 1986 revenues. Ennex holds a 22% i…
Bow Valley budgets $3 million in 1988 to look for gold
While it has yet to come up with a viable gold deposit, Bow Valley Industries (TSE) spent $1.7 million last year on a number of exploration projects. In a bid to add a gold production wing to its oil …
Toronto Stock Exchange Inco races tonew high during week-long rally
A 5-day rally which has added more than 70 pts to the composite index, paused today with a small 4.64-pt loss to close at 3,397.72 pts. The rally, which has taken the TSE- composite to a post-crash hi…
Phoenix srengthens ’87 position to $4.9 million
The sale of a 50% interest in the Bateman, Twp. project at Red Lake, Ont., strengthened Phoenix Gold Mines’ (COATS) 1987 cash position, the company said recently. After selling a 43% interest in the j…
Flint Rock offering
A $106,000 flow-through offering consisting of 353,333 common shares at 30 cents per share has been completed by Flint Rock Mines (VSE). The company reports that drilling during 1987-1988 at the Shab…