Another Top 40 candidate

I read with interest the article “Canada’s Top 40” (CMJ August 2005). I found it an interesting ranking of Canadian mining companies, but was disappointed that Glencairn Gold Corp. was not included. Glencairn, based in Toronto and listed on both the Toronto and American stock exchanges, reported revenue of US$19.7 million (Cdn$25.6 million) in 2004 from our Limon mine in Nicaragua, which would have put us at number 35 of your top 40.

In 2005 we expect revenue to be significantly greater than 2004 as we start generating gold sales from our new Bellavista mine in Costa Rica in addition to continued gold sales from Limon.

Despite the omission of Glencairn, I found the overall issue interesting, particularly the timely article on the Athabasca oil sands.

Jim Borland, investor relations director Glencairn Gold Corp. Toronto, Ont.

Editor’s note: We left Glencairn and many other worthy Canadian mining companies out of our ranking because it has been our practice to include only companies with head offices and at least one mining operation in Canada; Glencairn does not qualify on the second count. However, we intend to change our criteria next year so we can include Canadian-based companies even if they don’t have a mine in Canada.