It was another bleak year for Northgate Exploration (TSE).
The company reported an unaudited loss for fiscal 1993 of $7.5 million or 26 cents per share, compared with a loss of $8.3 million or 30 cents per share for 1992.
Year-end results included a provision of just over $4.6 million for guarantees provided to associate company Sonora Gold (TSE).
On the positive side, Sonora produced 92,000 oz. gold in 1993. And in its first month of operation, Northgate’s 35%-owned Choquelimpe project in Chile produced 2,000 oz. gold and 25,000 oz. silver.
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