2nd Jun 2015 08:49
LONDON (Alliance News) - North River Resources PLC Tuesday said its pretax loss widened in 2014 as it spent more on exploration and evaluation work at its Namib focus project.
The mineral exploration and development company active in Namibia and Mozambique, which does not currently generate any revenue, reported a pretax loss of GBP3.3 million in 2014, widening from a GBP2.2 million loss in 2013.
Exploration and evaluation expenditure rose to GBP2.2 million from GBP1.2 million and administrative expenses increased to GBP1.1 million from GBP967,992.
"Looking ahead, both zinc and lead prices have recovered in the early part of 2015 and continue to demonstrate robust long-term fundamentals," said Managing Director James Beams. "Namib will very much continue to be our primary focus over the coming months as we look to secure our mining licence, finalise our mine optimisation studies and work on enhancing the resource and reserve base of the asset."
The company's wholly owned Namib project in Namibia is centred on the underground Namib lead mine which was previously operational from 1968 to 1991 and currently has a JORC resource of 1.3 million tonnes of ore with 30,709 tonnes of lead, 80,640 tonnes of zinc and 1.8 million ounces of silver.
"In Mozambique, where North River holds an effective 40% interest in the iron and phosphate Monte Muande project, we continue in discussion with our joint venture partner, Baobab Resources PLC, on the best way forward," Beams added.
North River shares were up 2.6% to 0.390 pence per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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