30th Sep 2014 08:46
LONDON (Alliance News) - North River Resources PLC Tuesday reported a wider loss for the first half of the year as it continued to spend on the development of its Namib Lead-Zinc-Silver Mine.
The metals explorer focused on Namibia reported a pretax loss of GBP1.7 million for the six months to June 30, wider than the GBP772,508 loss it reported a year earlier, as exploration and evaluation spending, and administration costs, rose. It isn't currently earning any revenue.
It had a cash position of GBP528,796 at the end of June, down slightly from GBP577,551 at the end of December. It raised GBP1.2 million through share placings in the first half, funding the continuation of the drilling programme at Namib, and in July struck a deal with Greenstone, which will invest up to USD12.0 million in North River Resources.
North River Resources shares were down 6.7% at 0.700 pence Tuesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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