8th Sep 2014 15:12
LONDON (Alliance News) - Galileo Resources PLC Monday said its losses widened in the full-year, due to a fair value adjustment on its investment in Praetorian Resources Limited.
The exploration and development mining company posted a total loss of GBP1.2 million for the year to March 31, compared with a GBP1.8 million loss a year earlier which included a GBP1.5 million fair value adjustment on its investment Praetorian Resources.
Operating losses amounted to GBP3.0 million compared with a GBP1.1 million loss a year earlier, said Galileo.
The company does not presently generate revenue.
On a positive note, the company said it completed optimisation test work at Anzaplan on the sulphuric acid process.
The stock was untraded Monday, quoted at 7.25 pence per share.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Galileo Resourc