30th Jun 2015 10:37
LONDON (Alliance News) - Minerals explorer Sula Iron & Gold PLC on Tuesday said is pretax loss widened slightly in the first half of its current financial year as it works to progress the Ferensola project in Sierra Leone.
Sula's loss for the six months to the end of March was GBP892,000, compared to a GBP675,000 loss a year earlier. The company does not produce any revenue, so the slightly wider loss was caused by higher administrative expenses.
The company said it saw the technical valuation of its Ferensola licence rise by around USD20 million in the half and, since the end of the period, has made an application for a new licence adjacent to the existing Ferensola prospect.
"The company remains on track to deliver on the objectives it set out at the beginning of the period, namely to identify drill targets on our gold project and to advance our coltan project to the point where bulk sampling for metallurgical testing can commence," said Chief Executive Nick Warrell.
"Discussions with potential off-takers for our coltan are ongoing, as are early stage discussions with potential strategic partners on our gold and iron projects. We expect to be able to report the results of the recent gold programme within the coming weeks and, accordingly, we look forward to the remainder of 2015 with optimism," Warrell added.
Shares in Sula were untraded on Tuesday, having last traded at 1.50 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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