Golden Phoenix Minerals Inc., just an eyelash away from getting a new molybdenum mine into full production, last week reported that its third-quarter losses weren't as deep as year-earlier figures.
The Sparks-based company told the Securities and Exchange Commission that it lost $1.17 million in the third quarter. A year earlier, it reported a loss of $2.7 million.
A big difference, the company said, came as it crossed a milestone on development of the Ashdown molybdenum project.
With progress on the mine near Denio 115 miles north of Winnemucca, a joint-venture partner begins picking up 40 percent of the development costs.
During the third quarter, Golden Phoenix said in its SEC filing that it spent a little over $1 million on the project.
Only one step final negotiation of a reclamation bond with the federal Bureau of Land Management remains before the mine can begin full operation.
Molybdenum, used in high-strength metal alloys, was priced at $27.50 a pound last week. That's more than 10 times the low point of $2.36 reached by the mineral in 2001.
Golden Phoenix will manage the mine's operation. The other 40 percent interest in the property is held by Win-Eldrich Gold Inc., a Toronto company.
Ashdown will be the first U.S. molybdenum mine to come on line during the current price boom.
Golden Phoenix's common stock was trading at 42 cents a share last week. It reached its 52-week high of 56 cents last spring.
