Shore Gold Inc. (TSE:SGF) Slashes Annual Losses

Shore Gold Inc. (TSE:SGF) reported it slashed losses for its fiscal 2009 year from $458 million or $2.48 a share in 2008 to $9.1 million or 4 cents a share in 2009.

The largest share of 2009 losses were a $6.3 million writedown for expenditures in relationship to their mineral properties.

Losses in 2008 were attributed largely to mineral property which has been capitalized before being written down; which was a huge writedown for the year.

Revenue for the company dropped significantly for the year, with the company only able to generate $100,000 in interest and other income, whereas the year before it came to $1.6 million.

Lower interest rates and cutting back on investments able to earn interest were the reasons given for the decline.

The current portfolio of Shore Gold entails diamond properties.