Dalradian's Loss Narrows As It Completes Drilling At Curraghinalt

19th Mar 2018 14:56

LONDON (Alliance News) - Dalradian Resources Inc said on Monday its loss narrowed in the fourth quarter of 2017, as it completed drilling at the Curraghinalt gold project in Northern Ireland.

The net loss for the three months to the end of December amounted to USD1.8 million, narrowed from USD3.0 million for the same period the year before, as consulting fees and investor relations costs declined.

However office, regulatory, and general payments as well as share-based payments grew, but this was more than offset by foreign exchange gain of USD17,462, compared with USD809,272 loss the prior year.

The net loss for the full year also improved slightly to USD7.7 million compared to USD7.8 million in 2016.

Expenditure on development in the last quarter rose to USD7.1 million from USD3.7 million the prior year, due to permitting and drilling costs, while in the fourth quarter of 2016 activity centred on work on an upcoming feasibility study.

Dalradian's cash position as at December 31 was USD138.0 million, up from USD35.7 million at the end of 2016.

In October, Dalradian announced a private placement financing with Orion Mine Finance Fund II LP and Osisko Gold Royalties to raise CAD78.3 million.

Dalradian Resources President and Chief Executive Officer Patrick Anderson said: "Curraghinalt,

one of the world's best undeveloped gold projects, continues to move towards production. We are nearing completion of our infill drilling program and preparation of a resource update, which will then feed into an updated feasibility study later this year."

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