Yukon-Nevada Gold Corp. (TSX:YNG) has reported a 129% increase in quarterly losses as the Vancouver company began mining operations at its Jerritt Canyon gold project in Nevada.
Second-quarter net loss during the period ending June 30 rose to $5.7 million from $2.5 million in the same period a year ago. Gold sales of $7.8 million were not enough to cover the $12.5 million in gold production costs. The company also incurred costs associated with the shutdown of the Jerritt Canyon mine in April.
Due to escalating underground mining costs at the Jerritt Canyon project, the company suspended the expansion of its underground operations in early August.
Yukon-Nevada's share price range during the past week: between $0.13 and $0.29; 52-week high: $1.85; 52-week low: $0.11.