Mississauga, ON -- (SBWIRE) -- 11/07/2013 -- AllPennyStocks.com Media, Inc. (http://www.AllPennyStocks.com/) announces its latest article titled “St Andrew Goldfields Swings to a Loss on Lower Gold Prices.”
Companies mentioned in this article include St Andrew Goldfields Ltd. (TSX:SAS) (OTCQX:STADF).
Declining gold prices have been an anchor on profits for many miners in 2013, swinging some companies to quarterly losses as the yellow metal hovers around $1,300 per troy ounce. During the third quarter, gold was essentially flat overall, but that took a steady recovery after diving from around $1,400 per ounce to lows of $1,179 per ounce in June. Although gold is trying to uptrend from that bottom, it was still a drag on miners during the quarter.
The earnings release after the markets closed on Wednesday by St Andrew Goldfields Ltd. (TSX:SAS) (OTCQX:STADF) clearly demonstrated the impact. Headquartered in Toronto, St Andrew controls a large land package in the Timmins mining district in northeastern Ontario, which lies in the prolific Abitibi greenstone belt. The company currently operates the Hold, Holloway and Hislop mines. Gold production for 2013 is expected in the range of 95,000 to 105,000 ounces.
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