Entree Gold cuts third quarter loss as it scales back Mongolian exploration
VANCOUVER - Entree Gold Inc. (TSX:ETG) cut its net loss by nearly half in the third quarter as the Vancouver-based gold explorer cut its exploration expenses in Mongolia.
The company reported Friday it lost US$3.5 million or three cents a share for the three months ended Sept. 30.
That compared with a loss of US$6.5 million or six cents a year earlier.
In another development later Friday, the company said it plans to raise C$12.5 million by issuing common shares to investors.
The money will be used to finance exploration and development of mine projects in Nevada and Mongolia.
In its earnings report, Entree said its lower net loss partly reflected decreased exploration in Mongolia as the Company continues to focus on its Yerington copper projects in Nevada.
In addition, the company benefited from a gain on the sale of its asset backed commercial paper and a deferred income tax recovery.
"Exploration work during this quarter has concentrated on the Ann Mason and Blue Hill projects in Nevada," said Greg Crowe, president and CEO of Entree Gold.
"Drilling continues to reinforce our belief in the potential of this property. The discovery of near-surface oxide mineralization between Blue Hill and Ann Mason has revealed an important new area to focus further exploration."
Entree is focused on the worldwide exploration and development of copper and gold projects.
The company's Lookout Hill property in Mongolia surrounds Ivanhoe Mines' Oyu Tolgoi project, a world-class gold and copper deposit.
In North and South America, the company explores for copper in Nevada, Arizona, New Mexico and Peru.
In trading on the TSX,Entree Gold shares fell three cents to $1.90.
The company reported Friday it lost US$3.5 million or three cents a share for the three months ended Sept. 30.
That compared with a loss of US$6.5 million or six cents a year earlier.
In another development later Friday, the company said it plans to raise C$12.5 million by issuing common shares to investors.
The money will be used to finance exploration and development of mine projects in Nevada and Mongolia.
In its earnings report, Entree said its lower net loss partly reflected decreased exploration in Mongolia as the Company continues to focus on its Yerington copper projects in Nevada.
In addition, the company benefited from a gain on the sale of its asset backed commercial paper and a deferred income tax recovery.
"Exploration work during this quarter has concentrated on the Ann Mason and Blue Hill projects in Nevada," said Greg Crowe, president and CEO of Entree Gold.
"Drilling continues to reinforce our belief in the potential of this property. The discovery of near-surface oxide mineralization between Blue Hill and Ann Mason has revealed an important new area to focus further exploration."
Entree is focused on the worldwide exploration and development of copper and gold projects.
The company's Lookout Hill property in Mongolia surrounds Ivanhoe Mines' Oyu Tolgoi project, a world-class gold and copper deposit.
In North and South America, the company explores for copper in Nevada, Arizona, New Mexico and Peru.
In trading on the TSX,Entree Gold shares fell three cents to $1.90.
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