N.Z. Gold bright

Press, 29 January 1988, Page 20

N.Z. Gold bright

A gain on share dealings in Canada enabled New Zealand Goldfields to achieve a total profit of $211,197 in the six months to September 30, against a $303,408 loss in the previous corresponding period. Goldfields said it had a realised capital profit of $544,420 from the sale of shares in Ateba Mines, Inc., of Canada. The gain was partially offset by a $333,223 write-off of exploration and development costs, giving an extraordinary profit of $211,197 ($303,408 loss). Profits made on the company’s mining activities were $13,176, well down on the $107,971 in the previous corresponding period. TOe previous interim’s

extraordinary losses included write-offs of advances ($282,879), of formation expenses ($17,859) and of underwriters commission ($2670). Goldfield's chairman, Mr Maurice Goodwin, said that part of the funds from the Ateba sale had been used, within the interim period, to take up a rights issue of partly paid shares in Ateba, which had been sufficient for Goldfields to maintain an interest of about 18% in the company.