Shore Gold Loses $9.1 Million in 2009
March 25, 10
Shore Gold Inc. incurred an annual net loss of $9.1 million, compared to a loss of $458 million a year earlier, the exploration company reported Wednesday. Shore Gold attributed its 2009 loss to a $6.3 million write-down of expenditures on mineral properties, the fair value of stock based compensation expensed and a $400,000 reduction in the fair value of the company's long-term investments.
Shore Gold had said its large loss in 2008 had been largely due to a massive write-down of previously capitalized mineral property spending.
The company reported annual interest and other revenues of $100,000 compared to $1.6 million in 2008. It attributed the decrease to falling interest rates and a reduction in interest earning investments for the majority of the year.
Shore Gold operates several diamond properties, including the Star Kimberlite deposit and the Forta la Corne joint venture.