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Gold/Mining/Energy : Gold and Silver Mining Stocks -- Ignore unavailable to you. Want to Upgrade?

To: baystock who wrote (1899)	8/22/2001 1:51:57 PM
From: Al Collard	Read Replies (2) \| Respond to of 4051

re: GEO...hope this helps to explain it. The Globe and Mail reports in its Wednesday, Aug. 22, edition that Geomaque Explorations of Toronto has failed to make payments to several creditors as a result of production problems at its new Vueltas del Rio gold mine in Honduras. The Globe's In Brief column reports that accounts payable at June 30 have increased to $7.1-million (U.S.) from $4.4-million (U.S.) six months earlier. It also has not paid $850,000 (U.S.) to a sinking fund provided for a major creditor. The company's current liabilities of $10.2-million (U.S.) exceed its current assets by $4.8-million (U.S.). President John Paterson says the company is expanding its leach pads to increase production. As a cost-saving measure, the company has laid off vice-president and chief financial officer Jon Morda, and manager of investor relations Sean Stokes. Geomaque shares tumbled five Canadian cents to finish at 23 Canadian cents on the Toronto Stock Exchange Tuesday