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(Alliance News) - Galileo Resources PLC on Friday said its loss narrowed in its most recently-ended financial year and that it continues to make progress on Star zinc project in Zambia.
The company, which focuses on acquisition of development projects, said loss narrowed to GBP416,784 in the year to the end of March from GBP1.0 million loss reported a year earlier.
Operating expenses were reduced during the period to GBP404,303 from GBP624,631 a year before. Galileo did not generate any revenue in either year.
In the first half, the company undertook and completed a first phase drilling programme, comprising 26 diamond drill holes that targeted open-ended areas east-, north-east and south-east of the known mineralised zone. On Wednesday last week, Galileo said it plans to commence a second phase of drilling, with a similar size to the first, scheduling about 1,000 metres of diamond core drilling.
Galileo shares were trading 2.4% higher in London on Friday at 0.59 pence each.
