April 14, 2009 / 10:00 PM / in 8 years

UPDATE 1-Etruscan Q1 loss widens, cuts 2009 exploration budget

* Q1 loss of C$0.26/shr; gold rev C$17.4 mln

* Produced 15,181 oz of gold in Q1

* Sees 2009 gold production of 70,000-80,000 oz

* Says significantly reduced 2009 exploration budget

* Available cash of C$6.4 mln at Feb. 28

April 14 (Reuters) - Gold miner Etruscan Resources Inc EET.TO posted a wider quarterly loss, hurt by higher financing costs, and said it had cut its 2009 exploration budget “significantly.”

“The timing of recommencement and extent of drilling and other exploration activities for 2009 is dependent upon accessing sufficient funding,” the company said.

Etruscan had a consolidated working capital deficiency of C$15.7 million at the end of February, compared with a deficiency of C$21.3 million at the end of 2008.

For the first quarter, the company’s net loss was C$38.9 million, or 26 Canadian cents a share, compared with a loss of C$36.5 million, or 30 Canadian cents a share, a year ago.

Etruscan reported financing costs of C$3.9 million for the quarter, compared with C$0.2 million last year.

The company’s Youga gold mine generated negative cash flow from operations of C$0.4 million for the first quarter, compared with a positive cash flow of C$4.1 million for the fourth quarter of 2008.

Shares of the Halifax, Nova Scotia-based company closed at 47 Canadian cents Tuesday on the Toronto Stock Exchange.

For related alerts, please double click [ID:nWNAB3299] (Reporting by Isheeta Sanghi in Bangalore; Editing by Himani Sarkar)

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