27th Sep 2018 13:30
LONDON (Alliance News) - Scotgold Resources Ltd said on Thursday its full year loss widened on higher administrative and interest costs as the company continued to advance its Scottish gold and silver mine, as well as its other European projects.
For the year to the end of June, pretax loss widened to AUD1.9 million, from AUD1.3 million the prior year, as administrative costs increased to AUD514,758 from AUD389,511, and interest expenses to AUD172,144 from AUD64,966.
This was on revenue that rose to AUD266,342 from AUD41,628, coming from a one-off gain from a loan renegotiation of AUD263,707.
Scotgold said it has continued to progress the Cononish Gold and Silver Project in Scotland. During the period, the company submitted a revised application for planning permission to include a new tailings disposal methodology.
The application was approved in February, and a decision notice is expected later in 2018.
For its assets outside of Scotland, in March Scotgold sold the Vendrennes exclusive operation licence in France, and entered an earn-in agreement for the Pomar licence in Portugal.
Shares in Scotgold Resources were down 2.5% at 23.40 pence on Thursday.
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