Lower gold price shrinks Pegasus reserves
A recalculation of proven and probable reserves in light of lower gold prices dramatically reduced the ounces of the yellow metal attributed to Pegasus Gold (PGU-M).Excluding the contribution from the…
News
Freeport hunkers down to reduce costs at Grasberg
In light of lower metal prices, Freeport McMoRan Copper & Gold (FCX-N) intends to implement new operating plans at its Grasberg copper-gold mine in Irian Jaya, Indonesia.The company plans to focus its…
Companies (March 23, 1998)
Abcourt MinesAber ResourcesAgnico-Eagle MinesAlberta EnergyAmerican GemAnglo AmericanAnzex ResourcesAsarcoAshton Mining of Can.Asquith ResourcesAzco MiningBattle Mountain GoldBirim GoldfieldsCallinan …
STOCK MARKETS — Western markets experience unspectacular drop — Cross Lake results lead to drop in stock price
The Vancouver Stock Exchange composite index lost 8.21 points, or 1.3%, to close at 616.56 over the report period ended Mar. 17. The mining index lost 14.12 points, or 2.8% to close at 491.75.The comb…
Meetings (March 16, 1998)
Mar. 16, Anglo-AndeanMar. 16, Channel ResourcesMar. 16, Int’l VestorMar. 16, ToscanaMar. 17, Eldon ResourcesMar. 17, ESM ResourcesMar. 17, GreenshieldMar. 17, Manson CreekMar. 19, GWR ResourcesMar. 19…
Cyprus enters JV in Arizona
Cyprus Amax Minerals (CYM-N) has entered into a joint-venture agreement with Vancouver-based junior Jaba (JBA-A) on the Mammoth Wash copper project in southern Arizona.Mammoth Wash is situated south o…
Klondike gold show set for May
Miners, suppliers and government officials will converge in the historic Klondike region in May for the 13th Annual Dawson City International Gold Show.The 2-day event, billed as North America’s large…
DIAMOND PAGE — Ashton finds new kimberlites
Ashton Mining (ACA-T) has identified four more kimberlite pipes on its Buffalo Hills property in north-central Alberta.Recent reverse-circulation drilling of aeromagnetic anomalies 30 km to the east a…
TSE SHORT POSITIONS (March 16, 1998)
Short positions outstanding at February 28, 1998Larger individual positions include: Anderson Expl 56,300, down 642,300; Barrick Gold 13,457,730, down 5,204,067; Caledonia Mining 2,500, down 259,500; …
Richmont Mines nearly doubles revenues
Low gold prices may have hurt its earnings, but Richmont Mines (RIC-T) still enjoyed its sixth consecutive year of profitability in 1997.Revenue during the 12-month period nearly doubled, to $38.7 mil…
STOCK MARKETS — Base metals head up in buoyant market — TSE indexes make new highs as base metals jump 7%
The base metal stocks were the stars of the market as the Toronto Stock Exchange reached a new all-time high on Mar. 10. Over the five trading days Mar. 4-10, the TSE 300 composite index climbed 158 p…
Coalition force clears Sierra Leone of military junta
The cloud hanging over political, social and economic life in Sierra Leone appears to be clearing, paving the way for mining companies to rebuild and restart their operations.In mid-February, a Nigeri…