21st Sep 2018 11:49
LONDON (Alliance News) - Great Western Mining Corp PLC on Friday said its loss widened in the first half of the year on higher administrative expenses, as it continued drilling activities in Nevada.
The miner's pretax loss for the six months to June was EUR393,988, a significant increase from the EUR259,674 loss recorded the prior year.
This was largely a result of administrative expenses, which grew to EUR395,355 from EUR269,859 as Great Western Mining continued its activities in the US, carrying out an eight-hole reverse circulation drill programme at its M2 project area in Mineral County, Nevada.
An initial phase programme at its M4 project area, also in Mineral County, is also in progress. As both mining projects are still in their exploratory stages, Great Western Mining recorded no revenue for the half-year.
Post period end, the mining company completed a GBP1.0 million share placing to accelerate its Nevada activities and said it is looking forward to reporting its M2 and M4 drill programme results.
Shares in Great Western Mining were up 6.7% at 0.72 pence on Thursday.
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