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0.775 0.00 (0.00%)

Bid:

0.70

Ask:

0.85

Spread: 0.15 (21.429%)

Market Cap: £12.36m

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Arkle Resources Loss Widens As It Progresses Project Development

Fri, 27th Sep 2019 09:27

(Alliance News) - Arkle Resources PLC on Friday said it expects the coming months to be "busy" as its loss widened in the first half of 2019.

The Irish gold and zinc exploration and development company reported a pretax loss of EUR170,000 for the six months to the end of June compared to a EUR160,000 loss a year earlier due to an increase in operating expenses.

Arkle, which was formerly known as Connemara Mining, did not generate revenue in either year. It is currently developing two zinc and two gold projects in Ireland.

The company said Stonepark remains its flagship project, with over 150 holes drilled to-date and an independent inferred resource of 5.1 million tonnes.

Looking ahead, Chair John Teeling said: "A number of exciting options exist. The coming months will be busy and I hope will enhance shareholder value."

Arkle shares were trading 6.5% lower in London on Friday at 0.86 pence each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com