True Gold (TSXV:TGM) released its third quarter results announcing that it had fully financed the Karma gold project -with investment from Sandstorm Gold and Franco-Nevada Corporation – and begun construction on the project. However, the company posted a loss of $2,888,103 and a year-to-date loss of $13.9 million. The company says the losses are less than this time last year due to declining exploration and evaluation costs.

According to the press release:

For the three and nine month periods ended September 30, 2014, we reported a net loss of $2.9 million and $13.9 million respectively, compared to net losses of $7.8 million and $22.8 million for the three and nine month periods ended September 30, 2013. Operating expenses totalled $2.9 million for the three months ended September 30, 2014 down 62% from $7.8 million a year earlier. The principle reason for the change was a decrease in exploration and evaluation expenditures in the amount of $5.1 million as the Company is now focused on development work on the Project. The Company has commenced capitalizing costs related to development in the current period.

Click here to read the True Gold Mining Inc. (TSXV:TGM) press release