29th Sep 2014 10:39
LONDON (Alliance News) - Chaarat Gold Holdings Ltd Monday said its net loss narrowed by more than two-thirds in the first half of the year, due to a sharp fall in exploration expenses as well as lower administration expenses.
Chaarat, which is developing gold assets in Kyrgyz Republic, reported a net loss of USD3.3 million for the six months to June 30, narrowed from a USD10.7 million loss a year earlier. The company isn't currently earning and revenue.
"We continue to manage our limited financial resources wisely and diligently with the aim of delivering a solid feasibility study on the basis of which we will either engage a Joint Venture partner or pursue alternative project financing options," Chief Executive Dekel Golan said in a statement.
Chaarat shares were up 6.5% at 16.50 pence Monday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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