12th Sep 2014 07:37
LONDON (Alliance News) - Savannah Resources PLC Friday reported a widened loss for its first-half as administrative costs rose,
Savannah reported a pretax loss of GBP919,253 for the six months ended June 30, wider than the the GBP260,185 loss it reported in the first-half of 2013. Administrative expenses rose to GBP630,877, compared with GBP263,911 in the same period of 2013.
Savannah also booked increased finance expenses of GBP288,376 in the first-half of 2014, compared with an income of GBP3,096 in the same period of 2013, "attributable to changes in the valuation of derivatives".
As a junior explorer, the company has no revenue. It described its cash position as solid. The cash poistion and listed company shareholdings stood at GBP3.1 million on June 30.
"Our acquisition of two highly prospective copper projects in Oman marked a transformational move into a highly prospective copper producing region," said Chief Executive David Archer.
"To maximise value, we are currently executing on a dual exploration programme which will focus on advancing our copper interests in Oman in tandem with delineating a maiden heavy mineral sands resource in (Jangamo) Mozambique," said Chairman Mike Johnson.
The company is about to begin a second round of drilling at Jangamo, Savannah said.
"In Oman, as one of the few innovative exploration companies in the region, I believe we have a very unique, and highly strategic opportunity available to us, from which we can establish our presence as a mid-tier copper producer," said Johnson.
Savannah's shares were up 3.8% to 5.58 pence per share Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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