Last checked at 
LONDON (Alliance News) - Cyprus-focused copper and gold explorer Chesterfield Resources PLC on Tuesday reported a significantly widened loss on higher administrative expenses.
In 2018, the company reported a pretax loss of GBP689,367 compared to GBP111,012 in 2017.
Chesterfield Resources did not generate any income or revenue. The company's administrative expenses in 2018 totalled GBP689,367.
Chair Martin French said: "Chesterfield Resources has made significant progress in its operations since the last chair letter to shareholders, a little over six months ago."
Chesterfield re-admitted on the London Main Market in July, then began a preliminary drill campaign on a number of targets in Cyprus namely Evloimeni, Mavroyi, Magouda, Double Seven and Ayia Saranta in the third quarter.
"We are looking forward to an active period ahead. The operations team has been conducting intensive field studies on several targets which we will shortly be further investigating using geophysics. The group has a diamond drill in storage at our core shed in Cyprus and we expect to be drilling again soon. We have been careful to ensure we have completed detailed examination of each target before moving onto the most costly process of drill testing of targets," continued French.
French added: "Outside of the exploration there are a number of other opportunities that the group is investigating that could yield near-term revenue potential. It is our intention to grow the business through joint ventures and new projects as these opportunities arise."
Chesterfield Resources also said Non-Executive Director David Hall has stepped down from the board due to the "many demands on his busy schedule".
Shares in Chesterfield Resources were up 1.0% Tuesday at 4.95 pence each.