Key points
- Loss for the quarter was $744,000, or $0.03 per share, versus a loss of $251,000, or $0.01 per share, in 1995.
- The company completed the issue of two million special warrants at $8.50 each, raising net proceeds of $16,040,000.
- Total cash and short term investments at period end were $22,444,000, compared to $12,721,000 in 1995.
- The 700 hole bulk sampling program was completed, with mining scheduled to commence in the third quarter of 1997.
For the three month period ended August 31 1996 income was $255,000 as compared to $407,000 in 1995. Loss for the quarter was $744,000 compared to $251,000 in 1995 and the loss per share was $0.03 compared to $0.01 in 1995.
Resource property costs for the period were $3,125,000 compared to $3,357,000 in 1995. At the end of the period total cash and short term investments totalled $22,444,000 compared to $12,721,000 in 1995.
During the period the company completed the issue of two million special warrants at $8.50 to raise net costs of $16,040,000. Subsequent to quarter end, the special warrants have been exercised and two million shares and 1 million warrants issued.
The 700 hole bulk sampling program was successfully completed during the period. In conjunction with consulting mining engineers the company is currently evaluating its preferred mining system. Mining is scheduled to commence in third quarter 1997.
