14th Dec 2015 09:48
LONDON (Alliance News) - Sunrise Resources PLC on Monday said its pretax loss narrowed in the year to the end of September, as it continues to work on progressing its projects in the US state of Nevada.
Sunrise said its pretax loss for the year to September 30 was GBP301,271, compared to GBP700,295, in line with a decline in administrative costs and lower impairment charges the company booked.
The company said it will work to continue progressing its Countyline diatomite project and the Bay State silver project, both in Nevada. The company has signed a lease agreement with EP Minerals LLC for the County Line project, which will offer the potential for Sunrise to earn royalty-revenue on the project within 18 months, while early sampling has been encouraging at Bay State.
"The positive announcements made in recent weeks, across a range of projects, confirm that the company remains on track to deliver on its strategic objectives in developing projects towards cash flow and in adding value to key exploration projects. We look forward to further progress in 2016," said Patrick Cheetham, executive chairman of Sunrise.
Sunrise shares were down 23% to 0.1343 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Sunrise Res