(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