Red Eagle Mining Corporation announced audited consolidated earnings results for the year ended December 31, 2016. For the year, the company's net loss CAD 9,209,000 against CAD 6,706,000 a year ago. Basic and diluted loss per share was CAD 0.04 against CAD 0.05 a year ago. The net loss increased as compared to the 2015 period primarily due to increased expenses associated with the ramp up of the San Ramon Gold Mine and Mill, which also resulted in the increased values of Total Assets and Shareholders' Equity.

The company provided cash flows guidance for the second quarter of 2017 and production guidance for the year 2017 and 2018. The company declared commercial production at the end of first quarter of 2017 and expects to advance to positive cash flows from operations in second quarter of 2017.

Production guidance is 35,000 to 40,000 ounces of gold for 2017 and 60,000 to 70,000 ounces of gold for 2018.