Excellon Q2 loss narrows; says cash flow insufficient
Mon Mar 9, 2009 3:44pm EDT
March 9 (Reuters) - Canada's Excellon Resources Inc (EXN.TO) posted a narrower quarterly loss as expenses fell, but the mineral resource company said it is looking to reduce costs as its cash flow from operations will not be sufficient to meet its objectives.
The company said it is actively pursuing external financing alternatives and also suspended exploration drilling until later this year and temporarily halted construction of its Platosa mill as part of its measures to cut costs.
Net loss narrowed to C$857,377 for the second quarter ended Jan. 31 from C$1.6 million a year earlier, said the company, which produces silver, lead and zinc at its Platosa Property in Mexico.
Sales fell about 38 percent to C$3.6 million. Expenses fell 40 percent to C$3.3 million.
Shares of the company were down 13 percent at 23 Canadian cents in afternoon trade on the Toronto Stock Exchange. ($1=1.295 Canadian Dollar) (Reporting by Isheeta Sanghi in Bangalore; Editing by Deepak Kannan)
Buy cheap, undiscovered stocks!
Disclosure: I usually own the stocks I post the most. The more I discuss, the more shares I own. Do you own DD before placing the trades.
Please post stock symbols first in all your posts.
