UPDATE: San Gold Corp Down 1.5% Despite Cutting Its Quarterly Loss on Higher Production and Revenues
San Gold Corp (SGR.TO) said its quarterly loss was cut to $4 million or 1 Canadian cents a share, compared with a loss of $7.9 million or 3 cents a share in the previous corresponding period. Record gold sale revenues in the second quarter of 2011 of $28.4 million on the sale of 19,276 ounces were 126% higher than revenues of $12.6 million recognized in the second quarter of 2010. It said the increase in gold sales revenue in the second quarter of 2011 is a result of a 61% increase in the number of ounces sold and a 40% increase in the average realized gold price compared to the second quarter of 2010. The company said it remains on track to deliver on its full-year guidance of 80,000 ounces at an average total cash cost of $825 per ounce of gold.
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