May 15, 2012 / 1:12 PM / in 5 years

UPDATE 1-Great Basin Gold 1st-qtr loss narrows on higher prices

May 15 (Reuters) - Great Basin Gold Ltd’s first-quarter loss narrowed as the precious metals miner sold more gold at a higher price.

Net loss for the quarter was C$17.8 million, compared with C$20.3 million a year earlier.

On an adjusted basis, the company’s loss widened to 3 Canadian cents per share from 2 Canadian cents per share.

Revenue rose 27 percent to C$33.4 million.

Average spot gold price rose 22 percent in the first quarter Of 2012 to $1,690 per ounce compared to the year-ago period.

Great Basin Gold’s shares, which have fallen 42 percent so far in 2012, closed at 60 Canadian cents on Monday on the Toronto Stock Exchange.

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