24th Dec 2020 08:19
(Alliance News) - Galileo Resources PLC on Thursday said its loss widened in its most recently ended financial year as it continues the development of its zinc project in Zambia.
The UK-based copper ores company said its loss for the year to the end of March widened to GBP642,188 from GBP416,784 reported a year ago ,amid an increase in operating expenses to GBP630,384 from GBP404,303.
No revenue was generated in either year, as Galileo is currently at the development stage of the Star zinc project, located some 20 kilometres northeast of Lusaka, Zambia.
During the period, Galileo increased its ownership in the Star project to 95%, with the Zambian government holding the other 5%.
The inferred resource estimate found zinc resources with reasonable prospects of future economic extraction of 500,000 tonnes at 16% zinc, the company noted.
AIM-listed Galileo Resources shares were untraded in London on Thursday, last closing at 1.25 pence each.
By Evelina Grecenko; [email protected]
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