Great Basin Gold Q1 loss narrows on higher prices

Tue May 15, 2012 9:15am EDT
 
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(Reuters) - Great Basin Gold Ltd's GBG.TO first-quarter loss narrowed as the precious metals miner sold more gold at a higher price.

Net loss for the quarter was C$17.8 million, compared with C$20.3 million a year earlier.

On an adjusted basis, the company's loss widened to 3 Canadian cents per share from 2 Canadian cents per share.

Revenue rose 27 percent to C$33.4 million.

Average spot gold price rose 22 percent in the first quarter Of 2012 to $1,690 per ounce compared to the year-ago period.

Great Basin Gold's shares, which have fallen 42 percent so far in 2012, closed at 60 Canadian cents on Monday on the Toronto Stock Exchange.

(Reporting by Ankur Banerjee in Bangalore; Editing by Sreejiraj Eluvangal)