3rd Nov 2015 11:20
LONDON (Alliance News) - Greatland Gold PLC Tuesday said its pretax loss widened in the last financial year and said it is continuing to explore in Australia but also is evaluating opportunities in other countries.
The nickel miner, which does not currently generate any revenue, said its loss widened to GBP1.1 million in the financial year ended June 30, from the GBP864,270 loss made a year earlier on a large rise in impairments.
Impairments totalled GBP540,570 in the year compared to only GBP90,224 a year ago, partially offset by administrative costs falling to GBP279,431 from GBP421,144. Exploration costs also were marginally higher in the year.
"During the last year Greatland Gold has continued its proficient progress. Despite the difficult market conditions within the mining sector at present, we believe the medium term to longer term fundamentals for resources remain good. On that backdrop we have continued to push ahead with our exploration activity, whilst maintaining a disciplined approach towards capital allocation," said the company.
During the year, Greatland discovered a "very substantial" nickel target at its Bronus project in Australia. Currently, the company is trying to secure the required approvals to let it drill that target.
At the Ernest Giles project, Greatland drilled several gold and nickel targets in the year which also revealed "significant nickel prospective rocks" in the Carnegie area.
Greatland is also looking at several opportunities to get involved in projects that lie outside of Australia.
Greatland shares were down 2.4% to 0.0830 pence per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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