Queenston Mining Inc. reported a loss of $355,000 for the nine-month period ending Sept. 30. The company attributed the loss to reduced royalty and interest revenues combined with asset and property writedowns. Gold royalties received from LAC Minerals Ltd. on the company's Macassa Mine were $43,720. Queenston's working capital stood at $1.13 million, and the company was debt-free. It reported spending $2 million with its partners on exploration during the nine-month period. Queenston's exploration projects include the Battle Mountain/HSK project, the Upper Beaver Creek Mine property and the Kirkland Lake West property in Kirkland Lake, the Robertson Project near Matachewan, the Shining Tree property and the Muskasenda property near Timmins.
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|Title Annotation:||Mining News; Queenston Mining Inc. reports loss|
|Publication:||Northern Ontario Business|
|Article Type:||Brief Article|
|Date:||Jan 1, 1992|
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