A gold mining company has taken another big hit at its northern Saskatchewan operations.
Golden Band Resources lost more than $15.6 million during the last quarter, adding to a string of losses that go back two years.
It is the biggest quarterly loss for Golden Band since it began operations in Saskatchewan.
Total losses since 2012 are now just over $59 million.
The problem has been lower than expected ore quality, declining world prices for gold and higher costs of operation.
The company is in the midst of regrouping.
It has shut down two mines and a milling operation and has cut its workforce from 150 workers to about a dozen.
Golden Band is now focusing on finding richer gold deposits before sinking more money into a mineshaft.
The company has been exploring the La Ronge gold belt since 1994.