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Heritage profits at half-year

By Phil Boeyen, ShareChat Business News Editor

Thursday 14th December 2000

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Heritage Gold (NZSE: HGD) has made an interim profit of $120,000 on the strength of $400,000 in sales, reversing last year's $107,000 loss.

The mining and tech investment company now has cornerstone shareholdings in two tech businesses - E-cademy and newly-listed Cadmus - and says the listing of the two companies has provided it with additional funds for mineral exploration in Australasia and improved shareholder value.

Although it remains committed to minerals exploration Heritage says it will monitor market conditions and review opportunities for involvement in new businesses as they arise, and any opportunities which add shareholder value will be carefully considered.

The company is also still hoping to be reimbursed for around $8 million it spent on projects in the Coromandel which were sterilised by a 1997 amendment to the Crown Minerals Act.

It has now received the Crown's statement of defence and the company's legal advisors are negotiating a timetable for the hearing.

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