27th Mar 2014 14:30
LONDON (Alliance News) - Noricum Gold Ltd Thursday said its pretax loss narrowed slightly in 2013 as administrative expenses fell.
The gold exploration and development company, which operates in Austria and is yet to produce any revenues, said its pretax loss narrowed to GBP493,639, from GBP581,566 in 2012. The company said its administrative costs fell 13% to GBP506,185, from GBP582,765.
Noricum raised GBP2 million in a placing in October to help fund development of its Rotgulden gold mine during 2014.
Noricum said 2014 is expected to be a transformational year as drilling takes place at its Rotgulden, Altenberg and Schonberg sites ,while the publication of an initial JORC resource at the previously producing mine at Rotgulden may lead to the commencement of a feasibility study to assess the target's near term production credentials.
The company said that if the resource is positive it may construct a small-scale mining operation at Rotgulden in the short term.
Significant intersections returned from drilling at the Rotgulden site during 2013 included a six metre space at 17.4 grams per tonne of gold and 27.8 grams per tonne of silver from nine metres in depth.
Noricum Gold shares were down 1.8% to 0.663 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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