Stumble Upon

del.icio.us

Digg

Facebook

Print

Email

speakup

VANCOUVER - Yukon - Nevada Gold Corp. (TSX:YNG) has posted a US$8.9-million net loss in the first quarter after temporarily shutting down production to refurbish its assets.

The company, which sells gold made with ore bought from third parties, said Friday that its results were impacted by the eight-week closure to modify and modernize its assets.

"The decision to curtail production for the greater part of the first quarter and for part of the second quarter was made in order to provide the company with a more reliable and safer production facility," said president and CEO Graham Dickson in a release.

"The company will continue to improve both our safety and environmental performance with a resultant overall improvement in operations throughout the next two years".

The shutdown caused a gross margin loss of US$619,000 for its mining operations in the quarter.

Gold production fell to 14,291 ounces in the period, though comparable year-ago results weren't available.

The company began publicly reporting its results after listing on the Toronto Stock Exchange last June.

On Friday, Yukon-Nevada Gold shares closed unchanged at $1.38 on the TSX.