4th Jun 2015 08:06
LONDON (Alliance News) - Herencia Resources PLC Thursday said its pretax loss narrowed in 2014 due to a foreign exchange gain as it continues to try to develop the Picachos mine in the "shortest practical time-frame".
The Chilean-focused resource company, which does not generate any revenue, reported a pretax loss of GBP1.9 million in 2014, narrower than the GBP3.4 million loss in 2013 after it made a GBP625,408 foreign exchange gain compared to a GBP674,221 loss. Administrative costs also experienced a slight fall to GBP2.5 million from GBP2.8 million.
Herencia's focus in 2015 was mainly put toward the Picachos copper project, which had two drilling campaigns conducted on it in 2014 to produce a JORC mineral resource estimate in early 2015. Negotiations about divesting from the La Serena project continued, resulting in the company signing an option agreement in January 2015 to sell the project for USD4 million.
In 2015, Herencia plans to finalise mining and development studies for mining at Picachos and undertake an infill drilling programme. It also will lodge mine development permitting applications with the authorities and obtain financing to develop Picachos in the "shortest practical time-frame", it said.
"Whilst we have a full work program ahead of us in 2015, the goal is very clear to everyone and I believe we have the strategy and the team to deliver a successful outcome at Picachos," said Chairman John Moore.
Herencia shares fell 6.5% to 0.187 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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