The company is in the process of being taken over by Hecla in a US$462mln deal that will see the Canadian assets will be spun out to existing shareholders
First quarter revenues rose but the bottom line at () was hit by costs related to the impending takeover by Hecla Mining.
Revenue in the first three months of 2018 rose to US$57.77mln from US$41.71mln in the corresponding period of 2017, as a result of the company selling more ounces of gold at a higher price.
The net loss of US$8.00mln was narrower than the previous year's loss of US$10.23mln, despite US$3.6mln of costs related to the pending acquisition of the gold miner by Hecla.
During the quarter, the company stopped operating its True North mine and put it on care and maintenance.
Consistent with management plans, no ounces were processed from tailings at True North during the first quarter of 2018. Processing of tailings at the True North mill has now resumed due to warmer weather conditions.
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