21st Sep 2015 10:01
LONDON (Alliance News) - Red Leopard Holdings PLC Monday said its interim pretax loss widened in the first half of 2015 as clears fallen rocks at its main project in the US which are hampering progress.
The mining investment company reported a GBP113,981 pretax loss in the first six months of 2015, widening from the GBP80,662 loss reported a year earlier. That was caused by a rise in administrative expenses and finance costs.
The company's main project is the Idora Tunnel project in Idaho in the US. Back in January, the company said rocks had fallen inside the tunnel, which was hindering access to the ore body that it is trying to sample. That followed a previous rock fall at the entrance of the tunnel in 2014.
The delays, compounded by the winter weather season, pushed the project over its original budget, and the company had to go to the market in August to raise GBP175,000 in order to clear the tunnel and progress other work.
"The company remains committed to completing this project and is now waiting for revised work quotes from local mining engineers. This process has been delayed due to severe forest fires in Idaho which have closed the relevant access roads, however the fires have recently subsided and the company hopes that progress at the tunnel can now be made. The placing has also provided the company with additional working capital," said the company.
Red Leopard shares were untraded at 0.200 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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