Anglo Dominion Gold Exploration reports a net loss in the first quarter of $1,400,000, compared with earnings in the similar period last year of $17,400.
The company says the loss in the latest period is the result of the disproportionate costs of development and mining costs, charged against earnings in the period.
It notes, however, that payable gold production for the subsequent period from April 1 to May 2, exclusively consisting of newly mined ore, amounted to 1,161 oz gold. The production is derived from processing of 6,493 tonnes grading an average of 6.5 g per tonne, or the equivalent of 7,155 tons grading 0.180 oz gold per ton or slightly above the estimated reserve grade.
Revenue from these latest and subsequent ore shipments will be favorably influenced by the significantly higher gold prices prevailing, Anglo Dominion continues, adding that the level of ore shipments is expected to be appreciably higher than in the latest quarter.
The company is continuing work at its Little River joint venture gold project in Newfoundland, and expects to start a diamond drill program on the property this summer.
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