Entree Gold reports 1.2 million USD net loss in first quarter 2014
Entree Gold Inc. announced this week that it filed its interim operational and financial results for the quarter ended March 31, 2014.
For the quarter ended March 31, 2014, Entree incurred a net loss of 1,279,985 USD (0.01 USD per share) compared to a net loss of 5,091,844 (0.04 USD per share) for the quarter ended March 31, 2013.
As of March 31, 2014 Entree had working capital of 43,278,927 USD, including cash of 44,440,659 USD.
The lower operating expenditures for the quarter resulted from several factors including lower general and administrative expense, lower consultancy and advisory fees, lower exploration costs primarily due to reduced activity at Ann Mason in the U.S., and higher foreign exchange gains and deferred income tax recoveries.
Entree Gold is a Canadian mineral exploration company balancing opportunity and risk with key assets in Mongolia and Nevada. As a joint venture partner with a carried interest on a portion of the Oyu Tolgoi mining project, Entrée has a unique opportunity to participate in one of the world’s largest copper-gold projects managed by Rio Tinto. Oyu Tolgoi, with its series of deposits containing copper, gold and molybdenum, has been under exploration and development since the late 1990s.
Additionally, Entree has been advancing its Ann Mason Project in Nevada. The Ann Mason Project hosts the Ann Mason copper-molybdenum deposit as well as the Blue Hill copper deposit within the rejuvenated Yerington copper camp.
Sandstorm Gold, Rio Tinto and Turquoise Hill Resources are major shareholders of Entrée, holding approximately 12 percent, 11 percent and nine percent of issued and outstanding shares, respectively.
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For the quarter ended March 31, 2014, Entree incurred a net loss of 1,279,985 USD (0.01 USD per share) compared to a net loss of 5,091,844 (0.04 USD per share) for the quarter ended March 31, 2013.
As of March 31, 2014 Entree had working capital of 43,278,927 USD, including cash of 44,440,659 USD.
The lower operating expenditures for the quarter resulted from several factors including lower general and administrative expense, lower consultancy and advisory fees, lower exploration costs primarily due to reduced activity at Ann Mason in the U.S., and higher foreign exchange gains and deferred income tax recoveries.
Entree Gold is a Canadian mineral exploration company balancing opportunity and risk with key assets in Mongolia and Nevada. As a joint venture partner with a carried interest on a portion of the Oyu Tolgoi mining project, Entrée has a unique opportunity to participate in one of the world’s largest copper-gold projects managed by Rio Tinto. Oyu Tolgoi, with its series of deposits containing copper, gold and molybdenum, has been under exploration and development since the late 1990s.
Additionally, Entree has been advancing its Ann Mason Project in Nevada. The Ann Mason Project hosts the Ann Mason copper-molybdenum deposit as well as the Blue Hill copper deposit within the rejuvenated Yerington copper camp.
Sandstorm Gold, Rio Tinto and Turquoise Hill Resources are major shareholders of Entrée, holding approximately 12 percent, 11 percent and nine percent of issued and outstanding shares, respectively.
Short URL: http://ubpost.mongolnews.mn/?p=9197
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