21st Sep 2015 16:02
LONDON (Alliance News) - Golden Saint Resources Ltd on Monday reported a narrowed operating loss in the first half of 2015 as it booked lower operating expenses and as it generated revenue, having failed to do so the year before.
The mining company said its operating loss in the six months to June 30 was USD1.3 million, narrower than the USD1.9 million loss it reported in the first half of 2014, as it booked lower operating expenses due to reducing its headcount and "working more efficiently".
It also generated revenue of USD17,000, versus none the year before.
Golden Saint said that despite a challenging period dominated by the outbreak of the Ebola virus in Sierra Leone and neighbouring countries, it was able to discover diamond finds during the early stages of its bulk sampling programmes in the Baja and Tongo licence areas, as well as in the Zimmi area.
Golden Saint said it is "cautiously optimistic" about making significant progress in its operations, and it is strategically geared to move forward with its exploration programme.
"The company is looking forward to a busy second half of the year and remains optimistic in achieving significant developments in our mining operations," Chief Executive Cyril D Silva said in a statement.
Shares in Golden Saint closed up 3.5% at 0.0595 pence on Monday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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