15th Nov 2019 14:19
(Alliance News) - Pure Gold Mining Inc on Friday said its third quarter expenses fell, but a fair value change widened its losses.
In the three months to September 30, pretax loss stretched to CAD8.8 million, roughly GBP5.2 million, from CAD8.1 million last year.
Expenses were trimmed by 30% year-on-year to CAD5.7 million from CAD8.2 million. The Canadian exploration firm posted CAD3.2 million worth of costs due to a "change in fair value of derivative liabilities", no such expenses were recorded in the third quarter of last year.
Pure Gold said: "During the three months ended September 30, and to date, the company completed and advanced a number of key milestones for its 100%-owned Madsen Red Lake Mine."
Pure Gold awarded the engineering and procurement contract at its Madsen Red Lake mine to Canadian mining and construction firm JDS Energy & Mining Inc
Dumas Mine Contracting Ltd was awarded to the mine design engineering contract at the Ontario asset.
Shares in Pure Gold were 2.3% lower at 34.68 pence each in London on Friday afternoon.
By Eric Cunha; [email protected]
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