13th Sep 2013 09:54
LONDON (Alliance News) - Mineral exploration and development company North River Resources Friday reported a narrowed pretax loss in the first half of the year as it continued its efforts to transform into a revenue generating company.
For the period January 1 to June 30, the company posted a pretax loss of GBP772,515, down from GBP1.5 million over the same period in the previous year.
The company cut administrative expenses to GBP404,759 from GBP527,006, but its income from other operations was down to GBP133, from GBP10,496.
The company has been focusing on its Namib Lead Zinc project, and is continuing efforts to re-open the mine. It said that it had strengthened its management team and had continued analysis of the mine ahead of commencing production.
Its heightened focus on Namib meant it reduced its expenditure on additional assets, and efforts to minimise administrative overheads and streamline operational costs had helped narrow its loss. It cautioned that it expected operational expenses to rise in line with the level of activity as it accelerates exploration at Namib.
"We have a great deal of milestones, both operation and corporate, to reach over the course of the next 12 months, and I believe this has the potential to add significant value to our company and key asset at Namib," said Managing Director Martin French in a statement.
"The coming months are therefore set to be very busy for North River as we work towards the recommencement of lead, zinc and silver production from this prospective brownfield site."
North River Resources shares were trading flat at 0.650 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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