The Denver-based Apollo Gold saw a $14-million net loss in the quarter ending Sept. 30, 2009, marking a loss of $37.5 million in the first nine months of the year.
The third quarter marked the first full quarter of production for the miner, whose Black Fox property sits 64 kilometres east of Timmins and produced 20,000 ounces of gold.
These losses are attributed to gold sales contracts Apollo signed in February in association with $70 million in project financing.
Cash costs per ounce of gold sat at $575, though officials want to reduce those costs by commissioning a conveyor and high-pressure screening system in late November.
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