MOD Resources' Sams Creek unit slashes project value, resulting in loss

Mon, 06 Jul 2015

By Jonathan Underhill The owner of the Sams Creek Gold Project, which sits atop what could be New Zealand's biggest undeveloped gold deposit, has slashed the value of the resource and taken impairments of about $7.7 million after stopping work on the site last year pending a pickup in prices. Sams Creek Gold Ltd, which is owned by ASX-listed MOD Resources, posted a loss of $7.3 million in calendar 2014, from a year-earlier profit of $1.2 million. Sams Creek, in the South Island’s Golden Bay region, isn't producing, so the company has no r...

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