8th Apr 2020 14:57
(Alliance News) - Precious metals explorer Great Western Mining Corp PLC on Wednesday reported a narrowed loss for 2019 and said that it remains ready to start operations as soon as Covid-19 restrictions are lifted.
Great Western owns gold, silver and copper projects in the US state of Nevada.
It said it identified numerous precious metal targets from the 2019 field campaigns where trenching and drilling activities will commence as soon as applications for surface disturbance works have been approved, subject to the virus situation.
Chair Brian Hall said: "We have made great strides in establishing the precious metals potential on our properties in the last few months and our 2020 season operational plans are all ready to activate as soon as COVID-19 restrictions permit. In the meantime, we are rigorously controlling our costs and using the current downtime to evaluate several possible new opportunities for the company."
Great Western, which does not yet generate any revenue, recorded a pretax loss of EUR815,795 for 2019 versus a EUR992,774 loss in 2018. Administrative expenses fell to EUR816,990 from EUR995,260.
Cash and cash equivalents at 2019-end stood at EUR306,675 versus EUR884,452.
Shares in the company were down 2.4% at 0.080 pence each in London on Wednesday afternoon.
By Tapan Panchal; [email protected]
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