9th Jun 2015 07:33
LONDON (Alliance News) - Noricum Gold Ltd Tuesday said its pretax loss widened in 2014 after it impaired its assets, but said the company is focused on a new path after acquiring a new gold deposit in Austria.
Th gold miner, which generates very little in revenue, reported a GBP1.4 million pretax loss in 2014, compared with a GBP493,639 loss in 2013, on the back of a GBP762,124 impairment related to its three assets compared with nil a year earlier.
Noricum has three assets in southern Austria, the Kliening, Goldeck and Goldzeche licence areas, and the significant impairment was mainly related to the Kliening license due to "inactivity", with the rest being applied to the other two fields after Noricum decided not to renew its permits at Goldbeck or Goldzeche.
"We have also identified some very exciting acquisition opportunities which have the scale to strengthen our portfolio considerably," said Chairman Michael Hutchinson. "2015 looks positive for Noricum."
At the end of the year, Noricum reported a cash balance of GBP863,801 and this has risen to GBP935,449 as of Monday.
"Our sights are firmly focused on the year ahead given that we have acquired an exciting new project and identified a range of potentially transformational assets which we continue to pursue," said Hutchinson.
Noricum acquired the Walchen deposit, which is "understood to be one of the largest and most promising poly-metallic ore deposits in Austria".
"Walchen represents a low cost acquisition for Noricum Gold and considering its standing in our core country of operation, we are excited to start work here this year. This will be undertaken in tandem with our corporate activities which are focused on changing the face of Noricum Gold over the next 12 months," said Hutchinson.
Noricum shares were up 1.7% at 0.183 pence per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
NMG.L