20th Sep 2013 08:31
LONDON (Alliance News) - Connemara Mining Company PLC Friday said its pretax loss widened in its first half as its struggled to keep operations running due to the fall in the gold price.
The zinc and gold exploratory mining company with operations in Ireland said its pretax loss widened to GBP190,000 for the six months ended June 30, from a loss of GBP176,000 a year earlier.
The company remains in its exploratory phase and has not posted any revenues. Connemara expects to continue exploratory drilling in the next few months and is identifying drill targets for late 2013 or 2014.
The company said it is still positive about its Irish gold projects and that its Wicklow/Wexford hills projects have seen high gold grades with a significant gold trend running down the Wicklow hills.
Connemara test results in the past have shown high gold grades in small areas, with one space of 19.9 grams per tonne of gold over a 0.4 metre space.
The company raised GBP451,000 in early 2013 to continue operations, which it received from directors and family members as it struggled to get money from the market as gold price fell sharply.
Connemara Mining shares were down 0.57% to 5.22 pence in early trading Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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