August 15, 2011 / 10:23 AM / 7 years ago

UPDATE 1-San Gold Q2 loss narrows on higher output, prices

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Aug 15 (Reuters) - San Gold Corp’s quarterly loss nearly halved helped by higher production and soaring bullion prices.

The Canadian company, which mainly explores gold in the Bissett area of Manitoba, said April-June loss was C$4 million ($4 million), or 1 Canadian cents a share, compared with a loss of C$7.9 million, or 3 Canadian cents a share, last year.

Revenue more than doubled to C$28.4 million.

In July the company said quarterly production rose 118 percent to 20,055 ounces.

Spot gold prices averaged about $1507.8 an ounce during April-June, up 26 percent since last year as looming debt problems in major economies boosted the interest in precious metal as a haven from risk.

The company also backed its 2011 production outlook of 80,000 ounces of gold at an average total cash cost of $825 per ounce of gold. ($1 = 0.991 Canadian Dollars) (Reporting by Aftab Ahmed in Bangalore; Editing by Viraj Nair)

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