June 7, 2011 / 11:52 AM / 7 years ago

UPDATE 1-Crocodile Gold Q1 loss widens on heavy rain

* Q1 loss $0.03/share vs $0.01/share last year

* Q1 output was 14,682 ounces of gold

June 7 (Reuters) - Crocodile Gold Corp reported a wider quarterly loss as its mining operations in northern Australia were hurt by heavy rainfall.

The country has seen massive flooding and a maximum-strength cyclone, largely because of a dominant La Nina weather pattern. [ID:nSDY8DE7CO]

The company’s January-March net loss widened to $7 million, or 3 cents a share, from $2.1 million, or 1 cent a share, a year ago.

Earlier this year, the company had warned of a sequential drop in first-quarter output. [ID:nL3E7DS1KU]

Crocodile Gold produced 14,682 ounces of gold at $1,389 per ounce during the quarter. It produced 22,351 ounces in the fourth quarter.

Shares of the Toronto-based company closed at 74 Canadian cents on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Don Sebastian)

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