Granges output rising smartly to record levels

Revenues and earnings of Granges Exploration are running at record levels, with operating profit for the nine months to Sept 30 of $4,621,037 and net of $1,357,078 or 9 cents per share on sales of $13,475,429. This compares with an operating profit of $1,956,045 and sales of $6,823,744 in the same period last year.

Much of the gain stems from the strong performance of the company’s 19.8%-owned Trout Lake copper-silver-gold-zinc mine in Manitoba where larger ore hauling equipment has permitted a 13% increase in the tonnage milled. A new 2,100-ft production shaft is to be put down there at a cost of $16,800,000.

Just four miles northeast of the Trout Lake operation at its 50%- owned Tartan Lake gold mine, commercial production commenced Aug 31. A rod mill is being installed here that should boost mill through- put from 275 tons to 550 tons daily.

Also, commercial production commenced July 1 at the Lewis heap leach gold mine in Nevada, while a production start at the nearby Crofoot mine is scheduled for startup early in the new year. Both are 56.6% owned.

The company continues very active in exploration, participating in active programs in British Columbia, Alaska, the Mishibishi area in Ontario and in Mings Bight area of Newfoundland, as well as a massive sulphide nickel-copper project in New Brunswick.

Granges, the shares of which are listed on the TSE, AMEX and London, recently increased its holdings in Hycroft Resources and Development to 56.6%. Shares of the latter company are listed on the vse.

Granges, the shares of which are listed on the TSE, AMEX and London, recently increased its holdings in Hycroft Resources and Development to 56.6%. Shares of the latter company are listed on the VSE.