Bullion River Gold Corp.
of Reno said last week it lost $2.96 million during 2004 compared with a loss of $101,215 a year earlier.
The company, which is just beginning exploration work, didn't have significant revenue in either year.
In a filing with the Securities and Exchange Commission, publicly traded Bullion River said it had $273,311 in cash at the end of the year.
It plans to sell more common stock or borrow money this year if it doesn't begin generating revenues from sale of gold and silver.
It spent $1.9 million on exploration last year.
The company's primary exploration focus is the French Gulch area near Redding in northern California.
It's undertaken a drilling program on its holdings at French Gulch this spring.
If those results are promising, Bullion River estimates it will need $2.4 million to develop a mine and $3.1 million to get a nowclosed mill back into operation.
