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Sharp production hike at Hemlo Gold.

Sharp production hike at Hemlo Gold

A sharp increase in production at the Golden Giant Mine resulted in a surge in first-quarter earnings by Hemlo Gold.

Production at the mine increased by 13,400 ounces from the first quarter of 1989 to 99,357 ounces. Increased production resulted in $48.8 million in revenues and earnings of $9.1 million for the quarter.

Officials say the funds will enable the company - 50.6-percent owned by Noranda Inc. - to spend $26 million on exploration during 1990. Of that amount, $15 million will go towards funding more than 80 grass-roots projects and the balance will fund the completion of a feasibility study of a joint-venture with Central Crude at Mishibishu Lake.
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Title Annotation:Quarterly Results
Publication:Northern Ontario Business
Date:Jun 1, 1990
Previous Article:LaRonde addition increases earnings.
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