Piedmont writes off projects, posts loss
Piedmont Mining Co. of Reno lost $559,572 in the second quarter compared with a loss of $172,605 in the comparable quarter a year earlier.
The publicly held company, which is involved in exploration on several potential gold properties, didn’t record any revenues this year or last year.
Adding to the loss in the second quarter was the company’s decision to write off its investment in two mining properties a group of claims in Lander County and a property in the Fish Creek mining district in Eureka County.
The write-offs totaled $205,500.
The company had $12,256 in cash on June 30 and said it plans to sell more stock to finance its exploration work in the next year.
Piedmont focuses its exploration for gold on properties in northern Nevada.
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