Lytton Minerals Limited -Interim Results For the Second Quarter Ended June 30, 1998

Lytton's operating expenses increased to $673,000 in the second quarter of 1998 compared to $402,000 for the second quarter of 1997. For the first six months of 1998, operating expenses totaled $1,507,000 versus $727,000 in the comparable 1997 period. The Company is currently conducting an exte...

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Bibliographic Details
Published inPR Newswire p. 1
Format Newsletter
LanguageEnglish
Published New York PR Newswire Association LLC 26.08.1998
Subjects
Drilling
Earnings per share
Geophysics
Joint ventures
Minerals
Stock exchanges
Stockholders
Summer
Ontario
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Summary:Lytton's operating expenses increased to $673,000 in the second quarter of 1998 compared to $402,000 for the second quarter of 1997. For the first six months of 1998, operating expenses totaled $1,507,000 versus $727,000 in the comparable 1997 period. The Company is currently conducting an extensive review of all of its operations in order to reduce costs and conserve cash. Lytton (operator) and its partner, New Indigo Resources Inc. continued to explore the mineral claims surrounding the Jericho JD-1 and JD-3 diamondiferous kimberlite pipes. In the immediate area surrounding the Jericho Pipes, interpretation of new geophysical data, in conjunction with previously defined kimberlite mineral indicator trains, led to the identification of numerous anomalies that could potentially represent kimberlites. A summer program of follow-up ground geophysics, quaternary and geological mapping and additional till sampling is currently underway to prioritize targets. Lytton's primary goal is to discover additional kimberlites in close proximity to the existing discoveries, thus enhancing the economics and scale of the Jericho Project. On the Ice Claims/Ranch Lake Joint Venture Area (Lytton 100%), Kennecott Canada Exploration Inc. (Kennecott) identified 19 targets that will be proposed for the 1999 drill program. Summer sampling and quaternary mapping programs to enhance these and other targets are ongoing. The DIA Claims (Lytton 50%, Dolly Varden Minerals 50%) are subject to the same option agreement with Kennecott. Ground geophysics carried out in the Spring identified 2 drilling targets to add to the inventory of potential kimberlite targets.