Firstmiss Gold posts $4 million loss

Several factors have contributed to a loss of $4 million in the third quarter for Firstmiss Gold (NASDAQ).

These include a $1-million writedown of low-grade ore stockpiles, high operating costs due to mechanical problems, blending of low-grade ore to maintain mill feeds, and lower realized gold prices.

Results for the nine months ended March 31 were a loss of $1.8 million (10 cents a share) versus earnings of $2.3 million (13 cents a share) in the comparable period the previous year.

Firstmiss operates the Getchell mine, northeast of Reno, Nev.