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Lake Shore Gold expects asset writedown in fourth quarter

Gold bars are shown in this file photo.

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Lake Shore Gold Corp. says it will be reducing the carrying value of its assets in Mexico and Timmins, Ont., but the amount hasn't yet been determined.

The Toronto-based mining company had a total market value of $266-million as of Friday, when its shares closed at 64 cents on the Toronto Stock Exchange.

The stock dropped a penny after markets re-opened Monday.

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That was just above a 52-week low set on Feb. 20.

The company's stock is worth only about one-third of the high it set a year ago.

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