Scorpio Gold Reports Adjusted Profit In Fourth Quarter
Scorpio Gold Corp. (TSX-V:SGN), which holds a 70% interest in the Mineral Ridge open-pit heap leach gold mine in Nevada, managed an adjusted profit for the fourth quarter when excluding special charges. Scorpio says its net loss was $4.3 million, or 3 cents per share, compared to a loss of $4.7 million, also 3 cents, in the same quarter of 2015. However, the company reports fourth-quarter impairments of $3.6 million on mining assets, a $1 million loss on litigation and $0.4 million write-off of mining assets. Adjusted net earnings were put at $0.8 million, or zero cents per share, compared to $0.7 million, also zero, during the fourth quarter of 2015. Gold output in the fourth quarter of 8,301 ounces was down from 9,503 in the same period of 2015. For full-year 2016, net earnings were $0.3 million, after special charges, compared to a net loss of $18 million during 2015. Adjusted net earnings for 2016 were $6.5 million, or 3 cents, compared to $4.6 million, or 2 cents, during 2015. Full-year 2016 gold output of 36,879 ounces was down from 39,690 in 2015.