29th Jun 2015 13:56
LONDON (Alliance News) - ECR Minerals PLC Monday reported a widened pretax loss in the first half of its financial year, as it booked administrative costs and it said its exploration projects are being damped by tough financial market conditions.
The mineral development company reported a pretax loss for the six months ended March 31 of GBP1 million, wider than the GBP892,230 loss made in the same period the year before, which it said was largely down to administrative expenses that it booked. In the previous year the company posted finance income of GBP109,691. The company did not produce revenue in either period.
ECR said that the exploration work it is undertaking at the Itogon gold project in the Philippines and SLM gold project in Argentina has occurred "against a backdrop of inclement financial market conditions for most junior mineral companies", which has hit its share price and also led to a complete deferral of cash remuneration to directors from March.
"Despite these sacrifices, we look to the future with optimism and we look forward to reporting further results from recent activities at the company?s projects," Chief Executive Stephen Clayson said in a statement.
"Key exploration results expected from current projects in the coming weeks and months comprise the following: further results of trenching at the Itogon project; initial inferred resource estimate and NI43-101 technical report for Itogon; and results of bulk sampling at the Maestro Agüero prospect in Argentina. All of these are potentially significant," he added.
Shares in ECR were trading down 8.5% at 0.0801 pence Monday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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