31st Mar 2015 12:25
LONDON (Alliance News) - Great Western Mining Corp PLC Tuesday said 2014 had been a year of "significant progress", as it worked towards the establishment of a maiden resource at its M2 copper target in Marietta, Nevada.
The exploration and mining firm posted a pretax loss of EUR27,425, narrowed from a pretax loss of EUR448,319, as a result of lower administrative costs of EUR20,000 compared to EUR442,579 a year before. The company produced no revenue in either year.
The company established a maiden resource in the fourth quarter. Inferred resource on the target is that it contains 23,636 metric tonnes of copper and 16,000 ounces of gold. Its exploration target is an iron oxide copper gold deposit.
It's second major prospect is located three miles south of M2, and significant work has been completed on this target to that it is now "drill ready".
"GWM has an equally demanding field programme planned for 2015, building on 2014's positive exploration results and further demonstrating the value of its extensive bank of Federal land leases in Nevada," said Chief Executive David Fraser in a statement.
Shares in Great Western are trading up 0.9% at 0.565 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Great Western