20th May 2015 08:47
LONDON (Alliance News) - Sunrise Resources PLC shares rose on Wednesday after it said its pretax loss remained fairly flat in the first half of the financial year and said it is preparing further drilling on its projects in Australia.
Sunrise shares were up 6.0% to 0.238 pence per share on Wednesday morning.
The mineral exploration and development company, which does not generate any revenue, reported a pretax loss of GBP151,540 in the six months to March 31, compared to a GBP156,479 loss a year earlier. Administrative expenses fell to GBP131,623 from GBP140,112 which was partially offset by exploration costs experiencing a small rise.
Sunrise said the Bay State Silver project in the US state of Nevada has progressed quickly to the drill permitting stage, whilst other and newer projects in the area owned by the company have also produced "interesting gold discoveries", it said.
Western Australia recently has suffered heavy rains and floods, but Sunrise expects to gear up work in the second half of the year at both the Cue Diamond project and the Baker's Gold project as it prepares these two projects for further drilling.
By Joshua Warner; [email protected]; @JoshAlliance
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