Results for the three months ended Dec. 31 show Imperial Metals (TSE) still in the black with net earnings of $13,000 on revenues of $1.2 million. Earnings for the comparative quarter in 1988 were $905,000, which included gains on property sales. Earnings for the 9-month period to Dec. 31 totalled $1.3 million on revenues of $3.3 million.
Imperial reports that development work by 31.3% owned Anglesey Mining (London) is continuing on the Parys Mountain project in north Wales of the United Kingdom. The underground deposit was last reported to contain preliminary reserves of 4.1 million tons grading 1.32% copper, 2.96% lead, 5.97% zinc, 2.68 oz. silver per ton and 0.029 oz. gold.
The company notes that 1,370 ft. of development has been completed on the 280-level of the Morris shaft, providing access to the White Rock and Engine zones for bulk-sampling purposes. The development will also provide underground drilling access for infill drilling.
A pilot plant has been constructed on the property with preliminary results indicating little difficulty will be encountered in the production of copper, lead and zinc concentrates.
The company also noted infill drilling to date has generally encountered mineralization of average or higher than average grade relative to preliminary reserves.
Anglesey intends to begin a detailed feasibility study immediately and has started discussions with a number of banking institutions for financing of the project. Assuming financing can be arranged by the third quarter of 1990, commercial production could be achieved by early 1992 at an estimated production rate of 1,100 tons per day. Imperial Metals (TSE) — $000s Nine months ended Dec. 31 1989 1988 Revenues $3,309 $3,063 Net earnings 1,344 3,779
per share 0.067 0.226004
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