17th Sep 2014 10:03
LONDON (Alliance News) - Connemara Mining Company PLC Wednesday said it narrowed its losses in the first-half of the year, and will now look to raise fresh funds to cover working capital requirements.
The zinc, lead and gold exploration firm with licences in Ireland, posted a pretax loss of EUR140,000 for the six months to June 30, compared with a loss of EUR190,000 a year earlier.
In the same statement, Connemara said it is continuing to review other investment opportunities, but as recent proposals did not bear fruit, it will raise fresh funds to cover working capital expenses.
"Recent proposals have not been pursued for differing reasons. Connemara will raise fresh funds to cover overhead and essential working capital to keep the company operating," the company said in a statement.
The company said its two joint ventures with Teck, in Stonepark, Limerick and Oldcastle, continue to allow it to participate at minimal cost in big exploration programmes.
"We have been active in obtaining new ground. The gold licences in Donegal looked good on paper but the results to date are not exciting. We actively sought licences in the Lisheen/Galmoy zinc mines area. We were awarded one. This block is prospective for zinc," the company said.
Shares in Connemara Mining were trading 5.5% higher Wednesday morning at 2.90 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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