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Abcourt Mines Reports Wider Loss for Its Fiscal Third Quarter
Abcourt Mines (ABI.V) after trade on Thursday said its third-quarter loss widened year-over-year.The company's loss stood at $7.7 million, or $0.01 per share, in the period, compared with a loss of $5.5 million, or $0.01, a year ago.Revenue for the quarter ended March 31 was $7.9 million. Prior-year figures were not available.The company said during the quarter, it continued developing mining operations at Sleeping Giant. Expenses included preparing and rehabilitating tunnels for future production, maintaining facilities and equipment, and hiring staff."The development of the Sleeping Giant mine continues to progress towards commercial production. Several developments are underway and will continue in the coming months to access multiple work sites and increase production flexibility and pace," Chief Executive Pascal Hamelin said.Abcourt shares closed up $0.005 to $0.09 on the TSX Venture Exchange.
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