30th Sep 2015 08:19
LONDON (Alliance News) - Goldstone Resources Ltd on Wednesday said its pretax loss narrowed in the first half due to cuts made to its expenses, but said it may struggle to cut its overheads any further
Goldstone said its pretax loss in the half to the end of June was USD813,206, compared to USD1.2 million a year earlier, due to heavy cost cuts made amid the tough operating environment for smaller miners. Goldstone does not make any revenue.
The company said its focus remains on developing the Homase/Akrokerri gold project in Ghana. It said it will be looking to cut costs further, having slashed exploration costs, but said this may be difficult to achieve given the salary reduction it already has put in place at its head office.
Goldstone shares were down 32% to 1.7 pence on Wednesday morning, one of the worst performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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