29th Mar 2019 12:13
LONDON (Alliance News) - ECR Minerals on Friday said its loss widened slightly in its most recently ended financial year as it continues exploration activities in Australia and Argentina.
The mineral exploration and development company reported a loss of GBP550,018 for the year to the end of September 2018 compared to GBP511,124 reported a year prior.
ECR Minerals did not generate any revenue in the year as it does not have any producing assets.
During the period, ECR expanded its footprint to Western Australia by applying for a package of nine exploration licences in the Yilgarn craton, which includes the Windidda gold project.
Looking ahead, the company continues to evaluate potential new opportunities, which will generate value for shareholders through the discovery of a multi-million ounce gold deposit, it said.
"Over the past year, ECR has continued to advance and augment its portfolio of gold exploration projects in Australia, which is one of the world's principal gold producers and one of the foremost destinations for global mining investment," said Non-Executive Chair Paul Johnson.
"The board remains confident in ECR's strategic objective of discovering a multi-million ounce gold deposit, and we look forward to reporting further progress towards this goal," added Johnson.
ECR Minerals shares were trading 4.0% higher on Friday at 0.83 pence each.
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