San Gold Corporation Announces Second Quarter Results

San Gold Corporation (TSX:SGR,OTCQX:SGRCF) reported a loss of $3.6 million in the second quarter.

As quoted in the press release:

The Company initiated a number of cost-cutting initiatives during the quarter in response to recent adverse market conditions. Compared with the same quarter last year, the Company reduced its total cash operating costs by $2.7 million, capital expenditures by $3.9 million, and general and administrative expenses by $2.6 million while maintaining production levels.

San Gold’s President and CEO, Ian Berzins, said:

I am very pleased with the progress we have made this quarter in improving grade and stabilizing production levels while reducing costs across all aspects of the company. I anticipate continued improvement in the Company’s financial performance through the remainder of the year as the full effect of our cost-cutting initiatives takes hold.

To view the whole press release, click here.