Morrison to earn in at Casa Berardi bets

Having staked 340 claims in Casa Berardi, Que. and optioned three properties further east in Douay Twp., Morrison Minerals (TSE) is attempting to benefit from any new discovery in the region. But since a heavy carpet of muskeg prevents exploration companies from drilling until freeze-up, it could be early next year before Morrison has any results to report from its Casa Berardi properties.

Incorporated in 1986 as a wholly owned subsidiary of Morrison Petroleums, the company owns 100% of Aerodat Ltd., Canada’s largest airborne helicopter geophysical survey company.

Under a recent agreement with Morrison, Vancouver-based Total Energold can earn a 50% stake in the Casa Berardi claims by spending $1.5 million within three years.

Further east in Douay Twp. where a 59.3-ft. intersection averaging 0.23 oz. gold per ton was reported on claims held by Societe d’Exploration Vior (ME), Inco (TSE) and Cambior (TSE), Morrison can earn 30% of three properties. Optioned recently by Total Energold, they include the Noyon Twp. claims on which Morrison is set to spend $500,000 to explore the RJ zone. That zone has already yielded 16.8 ft. of grade 0.25 oz. gold.

As a result of a downturn in the exploration business, Morrison through wholly owned Aerodat reported revenues of $8.4 million, compared with $10.2 million in 1988.

The company also reported a net earnings loss of $40,061 or 0.05 cents per share compared to earnings of $984,455 or 13 cents per share at the same time last year. Morrison Minerals (TSE) $000s except per-share items Year ended Dec. 31 1990 1989 Revenue $8,453 $10,265 Net earnings (loss) (40 ) 984

per share (loss) (0.005 ) 0.1304