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Wednesday, 26th March 2008 (1943 views)

Gold mining and exploration company St Andrew Goldfields has reported its financial results for the 2007 fiscal year.

The firm has reported a loss of $103.94 million (£52.46 million) for the year, equal to $0.74 per share, which compares to a loss of $75.07 million - or $1.84 per share - last year.

St Andrew Goldfields reports that impairment loss and write down of mining assets were included in the 2007 loss.

Jacques Perron, president and chief executive officer of the company, said: "2007 has been a disappointing and a frustrating year.

"Since I joined St Andrew in October 2007, we have adjusted our business plan to focus our efforts on the development of the Holloway Holt mining camp financed by the divestitures of non-core assets and/or equity and/or debt financings"

He added that the company is still dedicated and committed to bringing the Holloway Holt mining assets into production and guaranteeing that shareholders realise the long-term benefits of such efforts.

In January 2008, St Andrew Goldfields announced a reduction in manpower at the Holloway Holt Camp from 192 to 113, with 79 employees - including underground miners support surface and underground workers - being temporarily laid off.

 

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