29th Jun 2016 11:13
LONDON (Alliance News) - Arian Silver Corp on Wednesday said it continued to advance potential opportunities to expand and develop its mining assets, particularly those giving access to near-term revenue, after its loss widened in 2015.
The silver miner focused on projects in the silver belt of Zacatecas in Mexico reported a net pretax loss of USD15.5 million for 2015, widened from USD5.9 million posted a year earlier.
The company produced no revenue either year, and saw administrative expenses fall in 2015 to USD2.9 million from USD3.9 million, meaning the company performed better in terms of continuing operations. However, this was offset by a huge pretax loss in discontinued operations, of USD12.7 million, compared to the USD2.0 million loss a year earlier.
This came after Arian Silver said it would be focusing on the development of its San Jose project in Chile over the year, and during the first half undertook a drilling programme.
However, in November, Arian Silver received a default notice under its agreements with Quintana San Jose Streaming Co LLC and Quintana ACQ Holding Co LLC, and entered into a settlement agreement which resulted in Quintana taking control of Arian Silver's primary operating subsidiary Arian Silver de Mexico de CV and its assets, including the San Jose project.
Arian Silver said it was currently looking to "advance potential opportunities to expand and develop the company's mining assets, with a particular focus on assets giving access to near-term revenue".
"Given the rebound of the silver price since the start of this calendar year, of some 25% from its low in October 2015, this seems an opportune point during the macro-economic cycle to gain access to new projects," said Chief Executive Jim Williams and Chairman Tony Williams in a joint statement.
Shares in Arian Silver were flat on Wednesday at 0.950 pence.
By Hannah Boland; [email protected]; @Hannaheboland
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