LONDON (Alliance News) - Spain focused gold and tungsten explorer Aurum Mining PLC Thursday posted a narrowed pretax loss for its first half as a result of cost reductions.
For the half year to end-September the company reported a pretax loss of GBP89,000, narrowed from a pretax loss of GBP172,000 a year before. This was as a result of lower administrative costs. It did not post revenue in either period.
Aurum said it "continues to be optimistic" about its exploration assets in North-West Spain, and is in the process of designing a future work programme for its gold projects with joint venture partner Ormonde Mining PLC.
As the mining sector for small companies is "likely to be difficult for some time to come", Aurum said, it is continuing to actively explore other opportunities to maximise its potential. In the meantime it has looked to keep its operational costs at a "bare minimum" during the period.
"The board is aware of the fact that the past few years have witnessed a lacklustre performance for shareholders, but is hopeful that the company will be able to provide positive updates on both tiers of the strategy by the time of the company's 2015 Annual Results," Aurum said in a statement.
Shares in Aurum were untraded Thursday. It last traded at 0.851 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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