News in Brief (August 15, 1988)

Mono Gold Mines has announced that it has entered into a private placement and flow-through agreement with NIM Resources whereby the partnership has agreed to purchase flow-through shares having an aggregate purchase price of $200,000. The proceeds from this private placement, being $200,000, will be used to carry out Phase 1 and 2 of an exploration program recommended on the company’s mineral property located in the Vernon-Kamloops Mining Division, which would include line- cutting, soil sampling, geological mapping, prospecting, rock chip sampling, and back-hoe or excavator trenching and sampling.

Corona Corp. (TSE) announced that it owns 1,500,000 common shares in the capital of Bethlehem Resources (VSE). The shares were acquired by private agreement by one of Corona’s predecessor corporations, New Venture Equities Inc.

Mineral Resources International (TSE) reports second quarter net income of $6.4 million or 33 cents per share on mining revenue of $14.4 million compared with 1987 net income of $3.6 million or 19 cents per share on revenue of $8.7 million.

Net income for the first half of 1988 was reported at $9.3 million or 48 cents per share on revenue of $23.2 million compared with $2.6 million or 15 cents per share on revenue of $14.9 in 1987.

Acadia Mineral Ventures (TSE) has arranged a $3.5 million private placement for exploration work on numerous properties in Nova Scotia, New Brunswick and one property in Ontario. Somicom 1988 and Somicom Capital, both of Montreal, were the buyers of the flow- through shares.

Newmont Mining reports net income of $19.4 million(US) or 29 cents per share on revenue of $133.8 million or $1.99 per share, during the second quarter of 1988, compared with $290.6 million or $4.63 per share on revenue of $315.5 million or $5.09 per share for the second quarter of 1987.

The 1987 quarter had the benefit of $265.0 million or $4.23 per share in after-tax gains from sales of shares in subsidiary companies, while the 1988 quarter had an after- tax gain of 19.5 million or $0.29 per share, from dispositions of discontinued operations, which was partially offset by an $8.2 million after- tax foreign currency translation loss.