LONDON (Alliance News) - Mining company Arian Silver Corp on Wednesday said its loss widened in the first half of the year on administrative expenses as the company continued development of its Mexican projects.
Arian Silver recorded a pretax loss of USD1.1 million for the six months to June 30. This compares with a USD648,000 loss a prior year. This was almost entirely due to administrative expenses, which increased to USD1.1 million from GBP653,000.
During the period, the miner raised USD780,836 through a share issue. As such, Arian considers itself to have "adequate resources for the foreseeable future or access to such resources".
At present, Arian has two named silver projects in Mexico: Los Campos, San Celso. The company also has five silver mining concessions which require further exploration.
"Management are progressing plans for the careful investment in further exploration of the company's projects in Mexico. Additionally, the company is investigating the prospect of making acquisitions of additional projects which it is believed will enhance the value of the company," said Arian.
Last Thursday, Arian shareholders voted in favour of changing the company's name to Alien Metals Ltd. No specific date for this change was provided, but Arian said it would occur "in due course".
Shares in Arian Silver were down 4.8% at 0.20 pence on Wednesday.
