Inter-Rock remains in the red

Inter-Rock Gold (IRO-T) continues to operate in the red, having lost $388,000 in the three months ended Sept. 30, compared with $369,000 in the similar period of 1997.

Losses in the first nine months of the year totalled $1.4 million on revenue of $3 million, compared with $1.5 million on $3.8 million in the year-ago period.

The quarterly loss reflects discontinued business activities related to the company’s sale of its 65% interest in the Daisy gold mine to former partner Rayrock Resources (RAY-T). The deal relieved the company of some US$2.8 million in associated debt and added nearly US$1 million in cash to its till.

Inter-Rock is seeking acquisitions in the industrial minerals sector and, accordingly, has decided to change its name to Inter-Rock Minerals.