(The Canadian Press) VANCOUVER _ Aurizon Mines Ltd. (TSX: T.ARZ, Stock Forum) says it had a $2.9-million net loss in the first quarter _ a contrast to the profit it reported a year earlier _ as output and revenue fell and the company fended off a hostile takeover.
The loss, equivalent to two cents per share, came during a period when the Vancouver-based mining company battled a takeover by Alamos Gold Inc. (TSX: T.AGI, Stock Forum) and arranging a successful friendly deal with Hecla Mining Co. (NYSE: HL)
Aurizon also says its Casa Berardi mine will be in a transition phase for 15 months as it installs infrastructure to reach new areas to mine. It said the mine produced 24,444 ounces of gold during the quarter, in line with its budget.
Aurizon's revenue during the quarter ended March 31 was $43.2 million, down from $56.8 million a year earlier when Aurizon produced more ounces and sold them at higher prices.
In the first quarter of 2012, Aurizon's net income was $8.6 million or five cents per share.
Since the quarter ended, the price of gold has dropped substantially.
Aurizon is a gold producer with a growth strategy focused on developing its existing projects in the Abitibi region of north-western Quebec, Canada.
On Wednesday, Aurizon was trading at $3.98 a share. The company had a market cap of $656 million, based on 164.8 million shares outstanding.