A start was to have been made on deepening the shaft to 3,500 ft from the present bottom level of 2,500 ft at Broulan Resources’ (TSE) main property in the Timmins area of Ontario, where Belmoral Mines (TSE) as operator is proceeding with a deep exploration project.
The start of shaft-deepening had been put back some weeks by the necessity for further dewatering and additional timbering, Broulan President William Maedel told the annual meeting.
He said deepening to the 3,500-ft level is due for completion in October. The new bottom level will then be driven and will be used to explore by drilling an area of the main structure between 2,500-5,000 ft in depth.
Belmoral has now earned a 50% interest in the property, with expenditure of over $6,250,000, and Wrightbar Mines (ME) a 15% interest with expenditure of $3,750,000. Broulan has retained a 35% ownership interest in the property.
Broulan reports net earnings for the first quarter of this year of $650,000, compared to earnings of $68,000 in the similar period last year.
As at Mar 31, the company had working capital and investments at market value amounting to $12,549,000, equal to $1.81 per share. At the same time in 1987 this figure was $15,458,000 or $2.23 a share.
Royalty income in the first quarter this year from the Bell Creek mine of Canamax Resources (TSE) was $83,300, out of total royalties of $98,300, Broulan reports.
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