August 30, 2011 / 12:42 PM / in 6 years

UPDATE 1-Great Western Minerals Q2 loss widens on stock-based payout

* Q2 loss/share C$0.10 vs C$0.005 yr ago

* Q2 rev up 63 pct to C$5.2 mln (Follows alerts)

Aug 30 (Reuters) - Rare earth metals miner Great Western Minerals Group’s quarterly net loss widened despite a surge in revenue, hurt by a stock-based payout and a written-off asset.

April-June net loss widened to C$3.6 million ($3.7 million), or 1 Canadian cent per share, from C$1.5 million, or half a Canadian cent per share, a year ago.

Revenue rose 63 percent to C$5.2 million. Gross margins on manufacturing and processing operations rose 81 percent to C$1.7 million.

The quarter’s net loss included C$1.7 million in stock-based compensation and C$165,359 write-off of the Chaleur exploration property in New Brunswick.

Shares of the company closed at 79 Canadian cents on Monday on the Toronto Venture Exchange. ($1 = 0.977 Canadian Dollars) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Don Sebastian)

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