Replies to post #154 on NWT Mineral Exploration

[Ed Monton]

Globe says Miramar posts $6.9-million loss in Q2

2004-08-16 06:49 ET - In the News


The Globe and Mail reports in its Saturday edition that Miramar Mining on Friday reported a loss of $6.9-million or five cents a share for the three months ended June 30, compared with a loss of $7.2-million or six cents in the same period of 2003. The Globe's Wendy Stueck writes that this year's second-quarter loss included a $1.9-million writedown and $1.2-million in closing costs for the Giant mine in Yellowknife. Sales fell to $3-million from $8.7-million. For the six months ended June 30, Miramar reported a loss of $13.9-million or nine cents a share, compared with a loss of $8-million or seven cents for the year-ago period. Sales fell to $5.9-million from $24-million. Miramar, which took over the Giant mine from former owner Royal Oak Mines Inc. in 1999, in June said it will stop mining at the site because of poor results at a new area of the mine. The company is now focusing on its Hope Bay and Back River gold projects in Nunavut. Miramar is not liable for historic operations at Giant, which resulted in a huge store of arsenic trioxide at the site. The federal government this year settled on a plan to treat the waste that is expected to cost more than $200-million.