Cassiar loss

Cassiar Mining reported a 9-month loss of $2.5 million compared to a profit of $677,000 for the corresponding period in 1985. The company’s third quarter loss was $1.6 million compared to $1.2 million the previous year. Cash flow for the 9-month period was a positive $7.7 million compared to $12.4 million the year before. An outstanding insurance claim, which was the subject of a legal case, was settled with Cassiar receiving $2 million. That will be recorded in fourth quarter statements. An exploration adit into the McDame asbestos deposit has been completed and a bulk sampling program is currently under way. More than half the 1986 diamond drilling program has been completed. The McDame deposit will replace the company’s present open pit operation which is scheduled to wind down by the end of the decade.