14th May 2014 10:04
LONDON (Alliance News) - Golden Saint Resources Ltd Wednesday announced its first results, with losses due to listing expenses and general costs as it moves towards its plan for near-term revenues.
The Sierra Leone-focused diamond and gold exploration company, which listed on the AIM market in July 2013, posted a USD2.9 million net loss for the period between March 19 and December 31.
The company, which is yet to produce any revenues, said its loss included USD1.3 million relating to AIM-listing expenses and a USD2.1 million charge on exploration and general administrative costs.
Golden Saint said the losses were partly offset by a foreign exchange gain of USD322,000 resulting from the strength of the British pound against the US dollar during the period.
The company said it made capital investments of USD130,000 during the period for the purchase of diamond washing equipment and at the end of the financial period, certain diamonds were in the final process of being cut, polished and graded.
It said 107 stones were sent to Hong Kong for certification, grading and laser inspection with the process now expected to be completed by the end of May 2014 and a second batch of rough diamonds has been sent to Antwerp for assessment.
The company added that at December 31 it had USD2.4 million available for continuing exploration and working capital purposes.
Golden Saint Resources shares were up 2.1% to 4.21 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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