Kirkland Lake Gold Inc. reports net loss in quarter ended July 31
An Indian goldsmith makes jewelry in Gauhati, India,Thursday, Aug. 29, 2013. (AP / Anupam Nath)
Published Monday, September 9, 2013 7:28AM EDT
Last Updated Monday, September 9, 2013 8:36AM EDT
KIRKLAND LAKE, Ont. -- Kirkland Lake Gold Inc (TSX:KGI) says its net loss before income taxes for the quarter ended July 31 was $800,000, compared to net loss of $300,000 for the same period a year earlier.
The gold miner says costs related to the installation of new equipment to increase ore production, and lower gold prices contributed to the loss.
The company's share price fell three cents during the quarter.
Kirkland Lake says it sold 30,253 ounces of gold during the quarter, up from 19,964 ounces during the same period last year.
"Considering that the first quarter had a planned shut down in order to successfully install a new hoist drive and replace the 10 ton skips with the 12.5 ton skips, we are pleased with the production results," said company Chairman Harry Dobson.
"We are on track to focus on driving up gold production for the remainder of the fiscal year," he added.