21st May 2018 17:27
LONDON (Alliance News) - Sunrise Resources PLC on Monday said its loss narrowed in the first half of current financial year, as it continues to push ahead its mine development in Nevada, US.
The AIM-traded company focusing on the development of its CS Pozzolan-Perlite Project in Nevada, US posted a slightly widened pretax loss of GBP174,517 for the six months to the end of March versus GBP162,869 recorded in the same period a year earlier.
Sunrise Resources is currently non-revenue generating, as it at the development stage of its CS Pozzolan-Perlite project.
The company's administrative expenses grew to GBP150,760 from GBP134,741 in the first half of 2017, but pre-licence and exploration costs reduced to GBP5,786 from GBP14,851.
Sunrise Resources noted that it made "good" progress towards the development of its US project and is now "very confident" that the Main and Northeast zones of the project have a very large open-pit tonnage potential.
"We are continuing to push hard in developing the CS Project with the ambition to deliver first production by the end of the first half of 2019," said Executive Chairman Patrick Cheetham.
Shares in Sunrise Resources were trading 13% lower at 0.15 pence each on Monday afternoon.
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