18th Mar 2014 13:00
LONDON (Alliance News) - Greatland Gold PLC Tuesday said its pretax loss widened in its first-half as exploration expenses increased and financial revenues fell during the period.
The gold exploration and development company, which is yet to produce any revenues, said its pretax loss widened to GBP230,964 for the six months ended December 31, from GBP199,241 the previous year.
The company said its exploration expenses increased 22% to GBP106,064 from GBP87,172 the previous year and its finance revenues fell 33% to GBP893,000 from GBP1.3 million in 2012.
Greatland Gold said it has made great progress developing its assets in Tasmania and western Australia towards resource levels but noted that the price of gold suffered in 2013.
The company noted that the price of gold has shown improvement in early 2014 and believes the outlook for gold in the long term is positive.
Greatland Gold shares were down 1.0% to 0.480 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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