27th Feb 2020 12:12
(Alliance News) - IMC Exploration Group PLC said on Thursday it recorded a narrowed loss in the first half of its financial year.
The gold mining stock was untraded on Thursday morning in London, last quoted at 0.85 pence each.
For the six months to the end of December, IMC posted a pretax loss of EUR156,319, narrowed from a loss of EUR366,816. IMC Exploration recorded no revenue in either period.
The Dublin-headquartered company said the minerals resource estimate for spoils and tailings on its Avoca mine site project is "transformatory", adding that there is scope to increase the tonnage and grade on that site but also on other spoils heaps within the company's licence.
It added that exploration work at its Kilmacoo project in Wicklow, Ireland is underway.
"The last six months have been highly encouraging for IMC. The directors are confident that, with the price of gold currently trading above USD1,600 an ounce, IMC is well positioned to realise its potential to the benefit of its shareholders," said Chair Eamon O'Brien.
By Ife Taiwo; [email protected]
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