Crown Resources Reports Bigger Loss
Denver-based Crown Resources Corp. had more second-quarter losses than last year’s period, the company said Wednesday.
The gold and silver mining company, which owns half of the Crown Jewel project in northeastern Washington, lost $475,000 in the quarter ending June 30, compared with $385,000 last year.
The company blamed higher administration costs, less property completion and company writedowns during the second quarter.
Crown spent $1.3 million during the second quarter on exploring new mining properties. Almost half of which was spent on its land in Peru and Argentina, owned by its subsidiary, Solitario Resources Corp. Crown said it plans to spend $3.6 million this year on exploration programs, with drilling work to begin on as many as 10 properties.