14th Sep 2015 10:28
LONDON (Alliance News) - Noricum Gold Ltd on Monday said its first-half loss narrowed on lower administration expenses, and declared that its investment case has never been stronger.
The gold exploration and development company said it made a GBP271,422 pretax loss in the six months to June 30, compared with a GBP315,467 pretax loss in the corresponding half the prior year. It recorded no revenue in the half.
"Our investment case has never looked stronger, and despite the difficulties faced by companies operating in the commodities and mining sectors, I am confident that forthcoming news flow regarding our activities at Bolnisi will successfully emphasise the project's high grade, expansive and commercial credentials," Chairman Michael Hutchinson said in a statement.
"Georgia has an established mining industry and our partner has first-hand experience of operating a mine in close proximity to our projects, which is very encouraging as we focus our sights firmly on this goal. We bring exploration experience to the partnership, and having applied modern techniques in our previous activities, I am confident that these will add value to the project by revealing further resources and I look forward to reporting regularly during this exciting time," Hutchinson said.
"In tandem with our work at Bolnisi, we will continue our low cost programme at Walchen so that we may further understand our new discovery," the chairman added.
Shares in the company were up 5.0% at 0.147 pence on Monday morning.
By Samuel Agini; [email protected]; @samuelagini
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