Gammon Lake Resources Inc
GAML
Shares issued 8,034,9221998-07-17 close $1.35
Monday Jul 20 1998
Mr. Fred George reviews the company
Mexican Operations During the nine months ended April 30, 1998, the company completed the formation of its fully owned Mexican subsidiary, Gammon Lake de Mexico S.A. de C.V. Chip samples at the company's Mexican Santa Maria and La Cuesta properties have assayed up to 46.6 grams per ton of gold and 2,810 grams per ton of silver. A mini bulk sample of material from the Santa Maria high zone has been delivered to the Technical University of Nova Scotia for basic metallurgical work. Results are pending. Canadian Operations Mitchell Lake drilling to test the geophysical anomaly produced an intersection of 1.33 grams of gold over 20.2m. The company views this as encouraging since these are the first two drill holes on the property. Extensive exploration activities are proceeding in Nova Scotia and in Mexico.
STATEMENT OF EARNINGS
Nine months ended April 30
1998 1997
Interest income $ 5,300 $ -
-------- --------
Expenses
Amortization 541 -
General and admin 33,730 -
Management fees 9,000 -
Professional fees 272,474 2,992
Wages and benefits 8,954 -
-------- --------
324,699 2,992
-------- --------
Net loss $319,399 $ 2,992 |
