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Canico reports smaller loss

Bnamericas Published: Tuesday, July 01, 2003
Canadian junior minerals company Canico reported a loss of Cdn$335,000 (currently US$249,000) for the three months ending April, compared to a Cdn$575,000 loss for the same period last year. Expenditures on the Onca-Puma nickel laterite property in northern Brazil for the three months ending April 30 were Cdn$2,059,000, the company said. These costs include drilling, assaying, administration, consulting and professional fees, it added. As of April 30, Canico had working capital of Cdn$30.7mn. A new resource estimate for the Onca deposit will be prepared in July, it said. This new resource estimate will be used as the basis for completing a scoping study later this year, Canico said.

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