2nd Jun 2014 10:07
LONDON (Alliance News) - North River Resources PLC Monday said its pretax loss narrowed in 2013 due to lower exploration, evaluation and administrative expenses at the company.
The mineral exploration and development company - which is yet to produce any revenues - said its pretax loss narrowed to GBP2.2 million from GBP2.8 million the previous year.
The company said its exploration and evaluation expenditure fell to GBP1.2 million from GBP1.5 million and its administrative expenses fell to GBP967,992 from GBP1.1 million the previous year.
North River Resources said its expenses reduced as it focused on completing a Feasibility Study at its Namib lead-zinc operation during the period, which should be published in the coming months, in order to help bring the site back into production.
The company also benefited as it did not post impairment charges during 2013, when it was hit by two charges of over GBP400,000 altogether during 2012.
North River Resources shares were down 0.2% to 0.574 pence on Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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