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Elgin Mining Reports Q2 Results

Elgin Mining Inc. (ELG.V) reported its financial results for the three months ended June 30, 2011. The company incurred a net loss attributable to common shareholders of $3.58 million or $0.07 per share. It said the loss was primarily related to a loss from discontinued operations, as well as share-based payments expense and a non-cash adjustment to the company's reclamation and remediation and other provisions. Looking ahead, the company said it has commenced the winterization of the existing work camp and associated facilities at Lupin and expects to complete this work over the next few weeks. Winterization of the camp will allow the company to drill year round, if required. The company has also contracted Aurora Geosciences of Yellowknife to complete a detailed review of all historical geophysics work completed around the Lupin mine area in order to review existing drill targets and to plan a detailed geophysics program commencing in early September. "This program will be used to identify and prioritize targets for a drill program planned for the fall and winter of 2011. The Company plans to mobilize drills in the fall to commence the drilling later this year. Work at Ulu will be limited to detailed mapping and sampling with the plan being to commence an extensive drill program early in 2012," it said.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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