LONDON (Alliance News) - Crusader Resources Ltd on Friday reported more than doubling its interim loss on the back of rising expenses.
In the six months ended June, Crusader doubled its pretax loss to USD4.1 million from USD1.8 million the year before.
The mineral exploration company did not record any revenue in the period.
In April, the company completed a dual-listing on the AIM market in London, to go along with its listing on Sydney's Australian Securities Exchange, raising AUD6.5 million, about GBP3.6 million, before costs.
As a result, Crusader's corporate expenses increased to USD2.9 million from USD917,281.
The value of the company's total assets decreased to USD29.5 million from USD31.5 million in the half.
In the period, Crusader's gold project at Borborema in northern Brazil declared a maiden ore reserve of 42.4 million tonnes of gold oxide.
Crusader's Juruena gold project in central Brazil identified "several" new targets during its initial exploration drilling programme.
The drilling programme was the first exploration conducted over new prospects at the project. Crusader believe the "successful" programme represents "exciting potential" which could see the project "expands its pipeline of prospects".
The program represented approximately 250 metres of diamond drilling across five holes with an average depth of 50m.
Managing Director Marcus Engelbrecht said: "Crusader has successfully reached a number of milestones during the reporting period, and with our successful London AIM dual listing and capital raise in April, the company has significantly increased its exposure in the northern hemisphere. In addition, we have made considerable progress in moving our headline gold project in Brazil, Borborema, from exploration toward a decision to mine and development through continuing work on our bankable feasibility study."
Shares in Crusader Resources were down 6.0% Friday at 1.55 pence each.