Crocodile Gold Corp reported a quarterly loss, hurt partly by higher costs, and lowered its production forecast for 2011.
The company reported a third-quarter net loss of $6.1 million, or 2 cents a share. In the same quarter last year, it posted a net income of $2.4 million, or 1 cent a share.
Revenue was flat at $30.6 million.
Toronto-based Crocodile now expects to mine 66,000-69,000 ounces of gold at a cash cost of $1,400-$1,500 per ounce in 2011, down from its earlier outlook of 85,000-100,000 ounces, with a cash cost of $875-$975 per ounce.
Shares of the company closed at 54 Canadian cents on Thursday on the Toronto Stock Exchange.