Canadian Zinc Incurs Net Loss of $3,071,000 for Q2

Canadian Zinc Corp. (TSX:CZN,OTCQB:CZICF) announced its financial results for the three and six months ended June 30, 2014, commenting that it incurred a net loss and comprehensive loss of $3,071,000 in Q2. That’s compared to a net income and comprehensive income of $2,792,000 for the year-ago period.

Moving forward, the company expects it will be able to “meet its current commitments, continue its planned 2014 programs and planned 2015 corporate activities.”

Further financial highlights include:

For the three and six month periods ended June 30, 2014, the Company expensed $1,455,000 and $2,694,000 respectively on its exploration and evaluation programs at Prairie Creek compared to $660,000 and $2,105,000 for the same periods ended June 30, 2013. The overall increase in expenditures at the Prairie Creek Mine site was due to the increased mine planning and feasibility studies costs of $2,064,000 in the first two quarters of 2014 compared to $1,076,000 for the comparative period in 2013.

At June 30, 2014, the Company had a positive working capital balance of $6,210,000 including cash and cash equivalents of $4,235,000, short term investments of $2,020,000 and marketable securities of $526,000 (for a total of $6,781,000). Subsequent to the end of the quarter the Company completed a bought deal public offering of units and flow-through shares and raised gross proceeds of $15,751,000.

Click here to read the full Canadian Zinc Corp. (TSX:CZN,OTCQB:CZICF) press release.