SASKATOON – A gold mining company has recorded its biggest quarterly loss since it began operations in Saskatchewan.
Golden Band Resources lost more than $15. 6 million during the third quarter, adding to a string of losses that go back two years.
The company says the problem has been lower than expected ore quality, declining world prices for gold and higher costs of operation.
Mining operations, including operations at the Roy Lloyd and Golden Heart mines and the Jolu mill were suspended on Jan 1, 2014 for an indefinite period.
During the quarter, the company produced 3,759 ounces of gold, down eight ounces from the same quarter in 2013.
Golden Band Resources sold 5,000 ounces of gold during the third quarter at an average price of $1,333 per ounce.
Total losses since 2012 are now just over $59 million.
The company operates several mines in the La Ronge area.
With files from The Canadian Press
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