Golden Shield Resources (TSE) reports a loss for the three months ended March 31 of $169,045 (1 cents per share) compared with a loss of $130,874 (2 cents a share) for the same period last year.
Cash flow for the first quarter totalled $146,932. Net operating income at the Kerr mine in the same period was $528,679 on gross revenues of $5,483,808.
Working capital at March 31 amounted to $5 million.
Golden Shield acquired the Kerr mine, mill and operations at Virginiatown, Ont., on June 30, The company had no operating revenue prior to that date. The Kerr mine division is expected to produce in excess of 40,000 oz gold this year.
Completion of the new surface crushing plant is expected by June 15 and will enable the company to increase mill production to 1,200 tons daily from 1,000 tons.
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