27th Jun 2014 08:19
LONDON (Alliance News) - Red Leopard Holdings PLC Friday said its pretax loss widened in 2013, hit by higher administrative expenses, while the investing company is also waiting for "review and comment" on its plans to re-open for mineral exploration a tunnel in a silver district of the US state of Idaho.
Red Leopard, which has been an investing company since shareholders last July approved proposals to put an end to its operations in the property sector, said that it made a GBP358,681 pretax loss in 2013, compared with a GBP169,233 pretax loss in 2012. The entire loss in 2013 was due to administrative expenses, which increased from GBP169,041.
Net cash increased to GBP120,999 by the end of 2013 from just GBP5,555 a year before.
After last year adopting a policy of investing in the exploration and development of natural resources, Red Leopard acquired Red Leopard Mining Inc in a reverse takeover last September. Red Leopard Mining, which is incorporated in Idaho, was created as a special purpose vehicle in 2013, with Polaris Resources Inc, which is owned by Quest Minerals Corp, transferring 205 claims located in Shoshone County in Idaho into it.
Red Leopard Friday said it recently submitted a plan to the US Bureau of Land Management, which owns the 1,435 hectares of land the claims cover, so that it can re-open the Idora Tunnel for exploration.
"Whilst the company cannot predict with certainty the ultimate timing or actual approval of such plan of operations, RLM management remains confident that approval will be obtained," Chairman John May said in a statement.
He also said that the company has also been considering other resource assets, highlighting Chile, where earlier this year it established subsidiary Minera Red Leopard Chile SpA, targeting the Atacama region.
Red Leopard shares were Friday quoted at 0.300 pence, down 20%.
By Samuel Agini; [email protected]; @samuelagini
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