Yukon-Nevada Gold Corp Reports Higher Q2 Profit
Yukon-Nevada Gold Corp (YNG.TO) recorded net income of $22.9 million in the second quarter of 2011 compared to net income of $4.5 million in the second quarter of 2010. The net income recorded for the three months ended June 30, 2011 was the result of a $36.6 million gain in the fair value of warrants recorded as derivative liabilities.
Robert Baldock, President and CEO, said in a statement: "As we move forward fully capitalized we aim to achieve our targeted production run rate of 150,000 ounces by the end of 2011 and return to the path of profitability in 2012. With gold prices at their current levels and the global economy in an upheaval, we are in a good growth position as we continue to improve our milling facility and bring the SSX-Steer mine into production."
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