24th May 2016 11:59
LONDON (Alliance News) - Stellar Resources PLC on Tuesday said its annual loss narrowed thanks to lower costs and said it is continuing to eye further investments in the resources sector.
Stellar Resources said its pretax loss was GBP348,000 in 2015, compared to a GBP560,000 loss in 2014, primarily due to a decline in administrative costs. Stellar does not generate any revenue.
The company said it had a successful year for its two UK asset stakes. It holds a 10% stake in Horse Hill Developments Ltd, the main partner on the Horse Hill project near Gatwick Airport, and a 49% stakes in Gold Mines of Wales Ltd, which owns the option over an exploration area in Wales.
Stellar said it was encouraged by the progress the assets made over the course of 2015, particularly the discoveries made at Horse Hill, which press have nicknamed the "Gatwick Gusher". The group is also eyeing potential further investments given the depressed pricing environment in the resources sector at present.
Stellar Resources shares were untraded on Tuesday, having last traded at 0.20 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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