KIRKLAND LAKE, Ont. - A borehole collapse at Kirkland Lake Gold Inc. (TSX:KGI) drove down revenues and caused the company's net loss to widen in the second quarter of fiscal 2010.
The junior miner reported Monday a net loss of $10.3 million or 17 cents per share for the quarter ended Oct. 31. That compared to a year-ago net loss of $4.8 million or nine cents per share.
Revenues for the quarter totalled $6.9 million, down from $8.8 million last year.
The company said the collapse of a borehole in late June meant no paste fill could be delivered to its mine for more than three months. That reduced gold production to 3,912 ounces for the quarter, a figure that was 77 per cent lower than production in the previous quarter.
Company chairman Harry Dobson noted however that the mine was still able to resume its filling activities by October and plans to return to regular production by the end of the current quarter.
The company also said it plans to produce 1,400 to 1,500 tons of ore per day by early 2012.
Kirkland Lake explores, develops and produces gold ore from mineral properties in Canada.
Kirkland Lake Gold net loss widens in second quarter, revenues down
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Published on
December 14, 2009
- Published on February 24, 2010
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The Canadian Press ~ The News
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