Belmoral names new chairman

A new chairman and chief executive officer has been named at Toronto-based Belmoral Mines. Kenneth Dalton, who was the company’s executive vice-president and chief financial officer, assumes the top position.

Mr Dalton replaces J. Malcolm Slack, who has resigned as president and chief executive officer but who will remain associated with Belmoral as a director and adviser.

Appointed president and chief operating officer (a new position) is Steven Harapiak, a Belmoral director who is a former president of Potash Corp. of Saskatchewan.

Rene Galipeau, vice-president finance and treasurer, becomes Belmoral’s new chief financial officer. Serge Gagnon and Koos Schippers continue as vice-presidents operations in Quebec and Ontario, respectively.

In a prepared statement, Mr Dalton said the changes at Belmoral reflect the company’s current emphasis on consolidating existing projects and operations into a cost-effective and profitable senior gold producer and also reflect Mr Slack’s desire to pursue other activities.

Debt-free Belmoral, which in 1986 turned a profit for the first time, reported a net profit for the first six months of this year of $349,000, despite a poor second quarter during which the company lost $656,000. The company, active in gold exploration and development in northwestern Quebec and northeastern Ontario, is predicting gold production of 72,000 oz for 1987.

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