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Dalradian Continues Work On Curraghinalt Project As Net Loss Widens

Fri, 10th Nov 2017 11:31


LONDON (Alliance News) - Canadian gold mining company Dalradian Resources Inc said on Friday its net loss widened in the third quarter of 2017, as it continued to move the Curraghinalt gold project in Northern Ireland through the permitting process.

The net loss for the three months to the end of September amounted to CAD1.9 million, widening from CAD1.4 million for the same period the year before, as expenditure on development in the period rose to CAD5.6 million from CAD4.8 million, mainly due to infill drilling and the finalisation of the planning application.

For the nine months ended September 30, the net loss widened to CAD5.9 million from CAD4.8 million the prior year, however expenditures for the period narrowed to CAD12.4 million from CAD19.6 million, as spending lessened with the completion of the underground programme in 2016.

The wider loss in the nine-month period was due to higher salary payments and share-based payments.

Dalradian's cash position as at September 30 was CAD48.8 million, up from CAD35.7 million at the end of 2016.

In October, Dalradian announced a private placement financing with Orion Mine Finance Fund II LP and Osisko Gold Royalties to raise CAD78.3 million.

"We expect to submit our planning application by the end of 2017. With the pending CAD78 million private placement and proceeds from warrant exercises, we are well-placed to move our high grade gold project through the permitting process while continuing technical work with the aim of increasing its value. In the first half of 2018 we expect to release both an updated resource and feasibility study," said Patrick Anderson,president and chief executive officer.

Shares in Dalradian Resources were up 2.9% at 79.00 pence on Friday.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2017 Alliance News Limited. All Rights Reserved.

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