Earnings dipped slightly in the first nine months of the year for Steep Rock Resources. Net earnings for the nine months ended Sept 30 were $450,853 on revenues of $6.41 million compared to earnings of $497,199 on revenues of $6.14 million in the same period last year.
The company’s cash position at the end of the most recent period stood at $2.6 million versus $3.3 million at the end of the year-earlier period.
The ultrafine joint venture plant in Perth, Ont., reached an advanced stage of construction by the end of the period. Commercial production will begin during this year’s fourth quarter, although completion of the planned first phase will not take place until 1987, the company reports.
Falconbridge Ltd. has ended its agreement with Steep Rock relating to the King Bay gold property in northwestern Ontario after a substantial work program. Falconbridge did not earn any interest, notes the company. Meanwhile discussions are under way with another company concerning further exploration and development of the property.
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