27th Jul 2015 09:57
LONDON (Alliance News) - Great Western Mining Corp PLC Monday said it swung to a tiny pretax profit in the first half of 2015 despite not generating any revenue as it continues to progress its early-stage projects in the US.
The miner said it swung to a EUR88,990 pretax profit in the first half of 2015 from a EUR258,730 loss a year earlier. The company does not currently generate any revenue and said it made the profit from administrative expenses, but did not explain how this was generated.
The company is working on early stage copper, uranium, gold and silver exploration targets on its properties in south-western Nevada in the US.
At the M2 prospect, the company completed two field programmes in the period which yielded "excellent results". Great Western is currently designing a Phase 3 drill programme, in order to commence discovery level drilling for the projected high-grade underground iron oxide, copper and gold deposit beneath Bass Mountain, where the M2 target is located.
"In the reporting period Great Western continued to make rapid advances on its mineral projects in Nevada. The board and management greatly appreciate shareholder support and plans to maintain the momentum achieved and to move forward rapidly so as to bring the company's prospects closer to commercialisation," said Chairman Brian Hall.
Great Western shares were untraded on Monday, last trading at 0.417 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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