UPDATE: Brigus Gold Corp Down 4% as Releases Q2 Numbers
Brigus Gold Corp (BRD.TO) produced 15,688 ounces of gold from its Black Fox Mine in the Timmins Mining district during the second quarter of 2011, an 80% increase over first quarter production of 8,772 ounces, but reportedly down from 18,430 ounces in the previous corresponding period. The company incurred a net loss of $3.8 million for the quarter ended June 30, 2011 compared to a net loss of $19.1 million for the same period in 2010. It said: "Production from the Phase 2 of the open pit commenced during the quarter but was somewhat constrained in the initial stages while the mining area of the pit was developed. Initial grades from the Phase 2 open pit are meeting expectations. Production in the underground mine also began but consisted primarily of pre-production development ore. Underground production from mining stopes is continuing to increase and grades are in line with the mine plan. Development of the underground mine has been slower than anticipated and has resulted in a longer ramp up period for underground production."
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