* Q1 loss/shr C$0.04 vs EPS C$0.01 yr ago
* Revenue down 84 pct
* evaluating strategic alternatives for Chilean assets
Oct 18 Canada's Anaconda Mining (ANX.TO) posted
a quarterly loss on higher expenses, and said it was exploring
strategic alternatives for its iron ore assets in Chile.
For the first quarter, the Toronto-based gold explorer
posted a net loss of C$4.3 million, or 4 Canadian cents a
share, compared with a profit of C$405,981, or 1 Canadian cent
a share, a year ago.
Revenue dropped 84 percent to C$496,961. The company said
results were hurt partly by higher costs of goods sold and
administrative expenses, and loss on the sale of 50 percent of
its interest in the San Gabriel project.
Anaconda said it produced limited gold of about 380 ounces,
which were sold at an average price of C$1,300 per ounce.
The mineral explorer, which has operations in Canada and
Chile, said as at Aug.31, it had a working capital deficiency
of about C$2.5 million.
Anaconda, whose only source of revenue is from its
production of gold and silver from the expanded Pine Cove mill,
said it has utilized the proceeds from its first-quarter sales
and a new loan to fund operations and discharge some of its
Late August, Anaconda had struck a deal with gold explorer
New Island Resources NIS.V to acquire its interest in Pine
Cove mine. [ID:nSGE67T0K2]
The company said it was evaluating strategic alternatives
for its Chilean iron ore assets, and said it was uncertain of
its ability to raise funds for the development of these
properties, in a discussion of its first-quarter results on its
Anaconda shares, which have remained relatively flat since
the New Island deal on Aug.30, closed at 24.5 Canadian cents
Friday on the Toronto Stock Exchange.
(Reporting by Gowri Jayakumar in Bangalore; Editing by Jarshad