As part of an attempt to recover from a $7.9-million loss in 1989 and a writedown in the value of a Mexican affiliate, Edmonton-based Terra Mines (TSE) recently announced some boardroom changes. Former president Robert Evans and Executive Vice-President Garry Paulson have both resigned as officers and directors of the company. Paul Jones of Golden, Colo., has been appointed a director and elected chairman, president and chief executive officer.
Rodney Knutson, a Denver lawyer, was also elected to the Terra board and appointed secretary- treasurer of the company.
The change in the management structure signifies the start of an intense effort to rebuild Terra into an aggressive mining company engaged in the precious metals industry, Terra says.
It currently owns property in the Northwest Territories and in Mexico. Losses reported by Terra last year related to a $5.1-million writedown in the value of a Mexican affiliate. That resulted in Terra losing the Amelia gold mine in Sonora earlier this year.
The 1989 loss also includes a $1.1-million provision for loss on the sale of a portable mill which was completed in early 1990.
Terra reported a net loss of $199,000 or 10 cents per share for the three months ended March 31 compared with $236,000 or 12 cents per share in the equivalent 1989 period. Future plans include a bid to reacquire the Amelia mine.
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