12th Jun 2015 07:57
LONDON (Alliance News) - Aurasian Minerals PLC said Friday its key objective in the current year is to secure a project that will create shareholder value, as it posted a narrowed pretax loss for its recently ended financial year.
Aurasian Minerals is a gold exploration company focused on South East Asia.
For the year to end-March, the company posted a pretax loss of GBP417,000, narrowed from a pretax loss of GBP821,000 a year before, mostly as a result of GBP500,000 impairment of exploration and evaluation assets in the previous year. It is not yet revenue producing.
The company said it had made positive progress in identifying prospective zones in Laos and Myanmar. Three exploration permits totalling 1,900 square kilometres have been lodged in Myanmar. In Laos, the company said investigations are continuing towards a ground acquisition, and it has formed a joint venture with a local investment partner.
"In summary, we believe that south east Asia is still one of the most prospective and under-explored mineral environments worldwide and we are well placed to benefit from this potential," the company said in a statement. "Shareholders should realise however that it can often take considerable time to access or generate the good projects and the team will face stiff competition from other companies as well as the challenges of working in the targeted countries."
Shares in Aurasian Minerals are trading down 10% at 0.450 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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