20th Apr 2016 09:51
LONDON (Alliance News) - Europe-focused precious metals miner Noricum Gold Ltd on Wednesday said it is now positioned as a near-term gold ore producer as it said its pretax loss narrowed in 2015.
Noricum acquired the Bolnisi copper and gold project in Georgia in 2015 and is targeting first gold production from the project in the third quarter of 2016.
Noricum expects the funding for a broader work programme at Bolnisi to be delivered via cash flow from mining work at the project.
"With first gold ore production set firmly in our sights for the third quarter of 2016, our vision to generate cash flow to help fund our broader development of the significant resources already identified at the Bolnisi gold and copper project in Georgia is getting ever closer to being realised," said Greg Kuenzel, Noricum's managing director.
"The commencement of mining at a very small area within the greater Bolnisi tenure, which benefits from defined resources across 17 initial target areas, will prove to both our partner and the market that we have the expertise and capabilities to deliver production at low cost on a much larger scale in the future," he added.
Noricum said its pretax loss for the year was GBP653,854, compared to GBP1.4 million a year earlier, mainly due to impairment charges booked in 2014 not repeating.
Noricum shares were up 16% to 0.174 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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