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(Alliance News) - Precious metals firm ECR Minerals PLC on Friday said its loss widened slightly in the first half of its financial year due to administrative expenses.
The company's pretax loss for the six month to March 31 totalled GBP282,562, widened from a GBP247,945 loss the year before.
This was the result of administrative expenses, which almost doubled to GBP438,145 from GBP243,226. The loss was offset somewhat by GBP175,188 of other income recorded for the period, with no other income the year before.
The company's main activity is exploring for gold deposits in Australia via Mercator Gold Australia Pty Ltd, its wholly owned subsidiary.
"The focus of on-the-ground activities was and continues to be MGA's projects in the state of Victoria, but also important are the applications lodged in December 2018 for the exploration licences which will comprise the Windidda gold project in Western Australia. Windidda represents a strategic move by ECR into the Yilgarn Craton which, like Victoria, is one of the world’s major gold provinces," said Chief Executive Craig Brown.
Shares in ECR were trading flat at 1.05 pence on Friday afternoon in London.
