Steep Rock Resources has written off its $648,208 investment in the Lake St. Joseph iron ore property. The property is near Atikokan, Ont. As a result, the company realized a loss of $188,205 for 1986. Before the writeoff, the company earned $460,003 for the year or 6 cents per share. Revenues remained essentially unchanged at $8.2 million.
The iron ore property was written off as a result of poor market conditions for the iron ore business.
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