14th Mar 2014 09:36
LONDON (Alliance News) - Scotgold Resources Ltd Friday said its pretax loss narrowed in its first half as revenues increased and costs fell at the firm.
The gold exploration and development company, with operations in Scotland, said its pretax loss narrowed to AUD1.0 million for the six months ended December 31, 2013, from AUD1.7 million the previous year as revenues increased almost threefold to AUD12,439 from AUD4,924 in 2012.
The company said its administration costs fell to AUD147,992 from AUD177,548 the year before, its employee and consultant costs fell to AUD158,772 from AUD227,754 previously, and its share based payments fell to AUD104,735 from AUD785,000 in 2012.
However, Scotgold noted that it had to pay a AUD312,541 charge during 2013 due to a currency revaluation as part of an interest-bearing loan.
Scotgold said evaluation from the results of the company's stream sediment sampling project over the Grampian Gold Project area is ongoing, and a programme of infill stream sediment sampling and further rock chip sampling is planned for the coming field season at the site.
The company added that all necessary planning has either been granted or can be finalised in a short time frame for its Cononish Gold and Silver project and it believes the site could be producing gold and silver within 18 months of obtaining financing.
Scotgold shares were up 1.2% to 0.627 pence Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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