The gold deposits of Quebec’s Casa Berardi district are still generating healthy profits for Golden Knight Resources (TSE).
The company reported earnings of $1.1 million for the first quarter, a significant improvement from earnings of $265,000 in the same period in 1992. Gold production at the 40%-owned Casa Berardi mine was 31,273 oz., compared with 23,325 oz. in the first quarter of 1992. The boost resulted from a significantly higher ore grade of 0.42 oz. gold per tonne compared with 0.22 oz. per tonne in the same period last year.
Production is to resume at the East mine in May, following rehabilitation work.
Golden Knight is debt-free and has a cash balance of $22.2 million. The company is headed by David Thompson, elected chairman and president in late April. Thompson is also a director of Teck (TSE), which, in turn, is Golden Knight’s major shareholder.
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