U.S.REPORT Galactic reports more writedowns
Writedowns totalling US$39.7 million pushed Galactic Resources (TSE) into a US$36.7-million loss for the year ended Dec. 31. The writedowns included charges against the company’s Summitville mine, its…
News
Taxpayers can’t afford expensive native programs
With our mining industry facing more hurdles and challenges today than ever before, there’s yet another ominous cloud looming. It’s that rising hue and cry for massive native land claims that could le…
Writedown puts Malartic in red
Lower gold prices combined with asset writedowns and provisions for losses on certain investments put Malartic Hygrade Gold Mines (VSE) in the red durring 1990. The company reported a loss of $5.55 mi…
Hemlo’s Harvey likes idea of Noranda gold asset deal
Speculation that Noranda (TSE) is attempting to pare down debt by offering to sell its gold assets to 50.8%-owned affiliate Hemlo Gold (TSE) was confirmed recently by Hemlo Gold President John Harvey….
Chutine needs US$22m to build copper mine at San Antonio
Following the recent completion of a feasibility study, Chutine Resources (VSE) says it will need about US$22 million to build a new open pit copper mine at its San Antonio property in the Sonora stat…
Montreal Exchange Claim dispute brewing
A claim-staking dispute is brewing over property in Benoit Twp. in northwestern Quebec near where a gold showing by Freewest Resources recently caused a staking rush. The Freewest discovery instantly …
OBITUARY Ossian Walli
Ossian “Ossie” Walli, a well-known educator and founding architect of the post-secondary Haileybury School of Mines, died recently in New Liskeard, Ont., after a brief illness. He was 88. Born at Copp…
Netolitzky takes PDAC award
The Prospectors and Developers Association of Canada (PDAC) will honor seven members of the mining community at the annual awards banquet on Monday, March 25. Selected to receive the Bill Dennis Prosp…
Crown pillar caves in at Hope Brook mine
A portion of the crown pillar at Hope Brook Gold’s (TSE) underground mine on the southwest coast of Newfoundland collapsed recently, but the company reported no injuries at the site. As a result of th…
Crude ups Moss Lake reserves, 82 million tons, 0.031 oz. gold
Calculations completed by an independent consultant indicate that the Moss Lake property, 50 miles west of Thunder Bay, Ont., contains probable and possible reserves of 82.2 million tons grading 0.031…
Denison cutting 400 jobs at high-cost elliot Lake mine
Fears that Elliot Lake, Ont., will soon become a ghost town were heightened recently after Denison Mines (TSE) announced that it is laying off 400 employees this summer and reducing production at its …
Deak hits massive sulphides
rilling by Deak Resources (TSE) on the company’s Magusi base metal property in northern Quebec has cut 62 ft. of massive sulphide mineralization 325 ft. up dip from the discovery hole drilled in Febru…