27th Jun 2014 15:00
LONDON (Alliance News) - ECR Minerals PLC Friday said its pretax loss narrowed significantly in its first-half as an increase in the company's operating loss due to higher expenses was offset by a reduction in losses from the fair value of its assets.
The mineral development company with operations in the US, Argentina and Philippines, said its pretax loss narrowed to GBP892,230 for the six months ended March 31 from GBP2.6 million the previous year.
The figures were skewed by a GBP2.0 million charge the previous year after the revaluation of some of the company's assets.
The company, which is yet to produce any revenues said that if not for the charge the previous year, its pretax loss would have widened as expenses increased at the company, leading to a significantly higher operating loss during the period.
During the period, ECR began major exploration at its Itogon gold project in the Philippines and SLM gold project in Argentina, obtaining positive results.
Planning for the company's second phase of drilling at Itogon is now underway using its first stage results which included mineralised intervals of 18 metres at 17.14 grams per tonne of gold from the surface in its ERC008 hole.
ECR Minerals shares were down 7.5% to 0.2175 pence on Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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