Canamax releases results from 1987

With one new mine in production and four more in the pipeline, Canamax Resources of Toronto is entering its second year as a fully- fledged gold producer.

For the year ended Dec 31, the company reported earnings of $200,000. Revenues from the sale of 4,328 oz gold at an average $569 per oz were $2.5 million.

Canamax reported a net loss of $16.1 million or $1.20 per share in fiscal 1987 compared to a restated net loss of $16.5 million during the same period last year.

In 1987, Canamax spent $18.6 million on exploration around its Ontario and British Columbia gold properties, while development and capital expenses added up to $31.2 million.

With a cash position of $27.5 million and additional $27 million, Canamax says it is well equipped to continue with its exploration and development projects.