30th Sep 2015 12:17
LONDON (Alliance News) - Papua Mining PLC Wednesday reported a narrowed pretax loss for the first half of 2015, as a result of completing its second phase of drilling at its Tripela project in March.
The Papua New Guinea focused miner reported a pretax loss of USD747,535 for the half year to end-June, narrowed from a pretax loss of USD881,221 a year before. It did not report revenue in either period. It has opted to postpone the next phase of drilling at Tripela until market conditions improve.
The company said it had been granted a new licence adjacent to the Mt Visi target, and initial prospecting in the new area confirms it as a significant porphyry target. This target has now been elevated to its highest priority.
Elsewhere, it has been granted two new exploration licences in New Britain following the half-year end in September.
Shares in Papua Mining were untraded Wednesday morning, it last closed at 3.10 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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