30th May 2014 09:37
LONDON (Alliance News) - Beowulf Mining PLC Friday said its pretax loss widened slightly in its first quarter as lower administrative expenses were offset by a revaluation of the company's derivative financial assets.
The company, which is trying to develop iron ore assets in northern Sweden and has a copper-gold project joint venture in the same country, said its pretax loss widened to GBP264,000 for the three months ended March 31, from GBP220,000 the previous year.
Beowulf is yet to produce any revenues but said that a GBP78,000 fair value loss on its derivative financial assets offset a 17% fall in its administrative expenses to GBP194,000 from GBP234,000.
During the period, the company restarted drill campaigns on its Kallak North and Kallak South sites, and it said it expects initial assay results from the sites to be received in the third quarter.
Beowulf also said that it has drilled 2,039 metres across eight holes on its Ballek site, and initial assay results are expected in the third quarter
"We have also received excellent pilot scale test results from our Kallak North test mining sampling programme which shows that we have the potential to produce a premium quality product. This will assist us in advancing Kallak and enables us to start discussing our potential future products with iron and steel market participants," Executive Chairman Clive Sinclair-Poulton said in a statement.
Beowulf shares were down 11% to 4.14 pence, putting them in the top AIM ALL-Share fallers on Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Beowulf