LONDON (Alliance News) - Golden Saint Resources Ltd on Wednesday said its pretax loss widened in 2014 as expenses rose in a year when it generated its maiden, albeit small, revenue and as the company progresses sampling at its projects in Sierra Leone.
The gold explorer reported a pretax loss of USD3.7 million in the year ended December 31, widened from a USD2.9 million loss a year earlier. The loss widened as operating expenses rose to USD3.7 million from USD2.1 million.
The company operates over three licenses in Sierra Leone - Baja, Tongo and Moa - all of which were renewed between the year end and February.
In 2014, the company launched its first sales of polished diamonds generating gross revenue of USD52,049 from the sale of 13 diamonds totalling 13.38 carats. Since the year end, Golden Saint has sent soil samples from Maja and Moa to Australia for analysis and recovered 233 carats from its bulk sampling programme at Baja.
"The company is encouraged by the exploration results to date and this note of confidence is reinforced by the recent renewal of the existing three exploration licences by the local Sierra Leone Government National Minerals Agency," it said in a statement.
Golden Saint shares were trading flat on Wednesday at 0.170 pence per share.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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