12th Aug 2014 10:49
LONDON (Alliance News) - Ortac Resources Ltd Tuesday said it reined in its loss in its last financial year, as it booked lower impairment charges during the year.
The AIM-listed exploration and development company with assets in Slovakia and Eritrea, is yet to produce any revenue.
The company reported a lower pretax loss of GBP1.77 million for the financial year ended March 31, compared with a loss of GBP1.85 million a year earlier, helped by lower impairment charges during the year.
Since year end the company has completed the first phase of its trial underground mining programme at the ?turec deposit in Slovakia, and its exploration partner, Andiamo Exploration, has completed the surface trenching programme at the Yacob Dewar deposit in Eritrea.
"For the coming period, our team will be focussed on continuing with development of the initiatives implemented in Slovakia and assist Andiamo in completing the technical work required for an application for a mining permit to be granted at Yacob Dewar," the company said in a statement.
Ortac Resources shares were trading 1.25% higher at 0.243 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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