20th Feb 2015 09:27
LONDON (Alliance News) - SolGold PLC Friday said its pretax loss widened in the first half on the back of increased costs and said it conducted very limited exploration work during the period.
For the first half of the financial year ended December 31, the Australian gold and copper miner reported an operating loss before tax of GBP1.2 million, wider than the GBP1.0 million it reported in the same period a year earlier.
The wider loss was caused by employee benefit expenses rising to GBP278,353 from GBP170,502 and administration and consulting costs increasing to GBP834,584 from GBP771,270.
The company generates very little revenue, and reported a loss after tax of GBP1.4 million, significantly wider than the GBP782,452 loss reported in the first half of 2013.
SolGold has four projects in Australia, one in Ecuador and two in the Solomon Islands.
The company's joint venture on the Cascabel project in Ecuador, in which Solgold has an 85% interest, is currently drilling the tenth hole on the project. During the period, the company completed geological mapping, the Orion survey, and continued diamond drilling on the seventh, eighth and ninth holes on the project, it said.
However, SolGold did not carry out any exploration work on its other projects in the first half, it said.
SolGold shares were down 14% to 3.50 pence per share on Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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