12:04 PM EDT, 04/24/2017 (MT Newswires) -- Scorpio Gold (SGN.V) shares have moved lower after the company released its Q4, and FY financial results.

The company posted a net loss of $0.03 per share in Q4 2016 and broke even for the full year. In Q4 2015 the company lost $0.03 per share and for the full year, it lost $0.13 per share. Revenue was $7.6 million in Q4 compared to revenue of $10.83 million in Q4 2015. Revenue of $42.8 million compared to $44.6 million during 2015.

The company's full-year total cash cost per ounce of gold sold was $881 compared to $781 during 2015.

Mine operating earnings of $9.6 million compared to $7.7 million during 2015.

Looking forward, based on the company's current mine plan, it currently anticipates mining of gold at Mineral Ridge through to August 2017. Due to permitting timelines, the Company anticipates production of gold at Mineral Ridge to be 20 -- 25,000 ounces from the Mary LC, Brodie and Bluelite south pits. The Custer pit and other areas for which permitting is outstanding, are not included in this production estimate and will be evaluated for economics of associated mining timelines when permits are received. Given the Company's short remaining life of mine, it is taking initiatives to extend the life of mine at Mineral Ridge through additional drilling to expand its resources, applying for permits to expand and extend current operations of new and existing pits, expanding the heap leach pad, and conducting a drilling program on its leach pad to determine if the leach pad material is amenable for further gold recovery using milling processes.

Scorpio Gold's shares were last down 5.9% at $0.08 per share.

Price: 0.08, Change: -0.005, Percent Change: -5.9