Glass Earth exploration writedowns push annual loss to $11.1M

Sun, 14 Apr 2013

April 15 (BusinessDesk) - Gold explorer Glass Earth Gold has reported an $11.14 million loss for the year to Dec. 31 after writing down $7.68 million of accumulated exploration costs relating to opportunities explored and superceded between 2005 and 2008. A fourfold increase in production from its small-scale placer mining (mining by washing or dredging) saw total revenue rise to $2.98 million from $752,000 a year before. However, capital costs associated with ramping up mining activities saw the cost of sales rise to $4.12 million ($523,000...

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