Minerex boosts gold output

Gold producer Minerex Resources (TSE) is turning out more of the yellow metal at a lower cash cost this year than it did a year ago.

The Vancouver-based company produced 8,390 oz. gold during its 1992 second quarter ended June 30, and a total of 20,200 oz. during the first half, compared with 6,510 oz. and 13,130 oz. in the comparable 1991 periods. The company’s first-half operating costs fell to US$258 per oz. from US$311 per oz. in 1991, and are expected to fall further as stockpiled high-grade ore is processed through a recently installed improved gold recovery system. Minerex owns 50% and is operator of the Aurora Partnership mine, an open pit operation in Nevada.

The improved operating results enabled the company to report net earnings of $513,000 during the first six months of this year, compared to a loss of $106,000 for the comparable 1991 period.