24th Aug 2018 15:47
LONDON (Alliance News) - Alba Mineral Resources PLC said Friday that its loss for the first half of the year widened as the company upped its interest in a Welsh gold mine expanding its portfolio.
For the six months to May 31, the mineral exploration company posted pretax loss of GBP381,367 compared to GBP335,320 a year prior. As it is an exploration company, Alba did not record any revenue in either year.
The company said that it made "significant progress" across its mining projects and oil & gas investment portfolio during the six-month period.
Among others, Alba Mineral owns a 18.1% stake in the Horse Hill project in Surrey, England, from where it received positive initial results in the period.
During the period, the company upped its stake in the Clogau gold mine in Wales to 90%. It has commenced exploration at the mine with the objective of defining new gold targets, it said.
"The rest of the year promises to be a busy time for the company, as we push our mining projects through the next phase in their development and oversee what we hope to be the rapid progress of the onshore oil & gas assets in which we are invested," the company added.
Alba Mineral shares were trading 4.6% higher at 0.51 pence each.
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