Yukon-Nevada Gold Corp. reduced its third-quarter loss on higher gold prices and increased gold production as well as a gain on warrants.
The Vancouver-based company trimmed its third-quarter loss to $17.97 million, or two cents per share, from $103.75 million, or 16 cents per share.
The loss was primarily a result of a loss incurred from operations of $11.2 million, $3.7 million in finance and transactions costs, and an $11.4 million loss on derivatives partially offset by an $8.5 million gain in the fair value of warrants which are recorded as derivative liabilities, Yukon-Nevada said in a statement.
There were a higher number of shares outstanding in the recent quarter compared to the third-quarter of 2010, said Yukon-Nevada, which holds gold silver, and other metal prospects in Canada's Yukon Territory, British Columbia and the U.S. state of Nevada.
Revenue rose to $30.11 million from $19.47 million.
The company produced 21,296 ounces of gold, up from 17,202 ounces in the third quarter of last year. Its average price rose to $1,670 from $1,252.
Production results for the quarter, while an improvement over 2010, were hampered by rolling shutdowns that took place during the quarter as the Company carried out both scheduled and unscheduled work, the company said.