Battle Mountain Gold Exploration Corp.,
a Reno-based company that owns small interests in mines operated by other companies, reported a loss of $7 million in the second quarter.
This compares with a loss of $342,138 in the comparable quarter a year earlier.
The company said in a filing with the Securities and Exchange Commission that its revenue for the second quarter totaled $1.55 million. It didn't have any revenue a year earlier.
Previously an exploration company, Battle Mountain set off in a new direction this spring when it paid $21. 8 million to purchase a package of royalty interests in mines in Nevada, Canada, Central America and South America. It bought the package from IAMGold Corp.
The company's second quarter results were impacted by nearly $4 million in fees associated with the financing of that deal.
In its filing with the SEC, Battle Mountain said it borrowed nearly $11 million from a bank to buy the royalty interests and estimated its debt payments will total $6.5 million in 2007 and $4.2 million in 2008.
