VANCOUVER – Luna Gold Corp. (TSXV:LGC) reported Friday a narrowed net loss in the fourth-quarter ended Dec. 31, 2011, compared to the same period a year earlier.
The Vancouver-based junior gold miner with operations in Brazil posted a net loss of US$ 109,100, compared to a net loss of $ 4.9 million the year before.
The loss per share amounted to nil cents, compared to a loss of two cents in the same period a year earlier.
The turnaround was due largely to an increase in gold sales. Revenues for the fourth-quarter were just short of $ 20 million, while the period prior showed revenue of $ 13.66 million.
The company reached record gold production of 13,620 ounces during the quarter. Gold production for the year was 41,898 ounces.
Luna operates the Aurizona mine in northeast Brazil, in addition to an ongoing development project and a greenfield exploration program.
Luna said it plans to complete Phases 1 and 2 of their expansion in fiscal 2012 to increase gold recoveries and operability. The company hired Vancouver-based SNC-Lavalin Inc. (TSX:SNC) to complete a scoping study, in an effort to raise annual gold production to more than 100,000 ounces by year end.
Shares in Luna were down 10 cents or three per cent at $ 3.20 in morning trading on the TSX Venture Exchange.
Note to readers: This a corrected story, a previous version had “widened” in the lede, instead of “narrowed”
Local news from metronews.ca/vancouver
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