Claude Resources posts loss on higher costs

Mon May 14, 2012 9:10am EDT
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(Reuters) - Gold miner Claude Resources Inc CRJ.TO posted a first-quarter loss as operating costs increased.

The company had a net loss of about C$500,000 in the quarter compared with a net profit of C$1.8 million, or 1 Canadian cent per share, a year earlier.

Claude's gold revenue, from the its Seabee Gold operation in Saskatchewan, rose 21 percent to C$16.1 million, or C$1,681 per ounce.

The strong gold price was offset by increased mine operating costs and resulted in lower operating margins, Claude said in a statement.

Cash cost rose 34 percent to C$1,236 per ounce, lowering the net cash margin per ounce to C$445 per ounce in the quarter from C$484 a year earlier.

(Reporting by Aftab Ahmed in Bangalore; Editing by Sreejiraj Eluvangal)