Featured Post

Latest Gold News

Fed doves supporting gold Stronger rand crushing South African miners Economic power could shift further East with Hong Kong gold exch...

Thursday, March 25, 2010

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.

No comments: