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LONDON (Alliance News) - Great Western Mining Corp PLC on Wednesday reported a widened annual loss in what it described as a "year of good progress".
For 2018, the miner posted pretax loss of EUR992,774 compared to EUR696,294 a year ago. This was mainly due to higher administrative expenses rising to EUR995,260 from EUR707,241.
Being at an exploration stage, the company did not generate any revenue.
"2018 has been a year of good progress for Great Western Mining's exploration activities in Nevada," Chief Executive Officer David Fraser said.
He added: "Further significant intersects were observed as part of the infill drill programme at M2, with high readings of 2.59% copper and 1950 parts per billion gold recorded. The 2018 drill campaign also yielded very encouraging discovery level intersects at both M1 and M4."
Looking ahead, follow up drilling is planned at M2 and M4 in Nevada during the Summer, subject to finalisation of drilling permits from the US Forest Service.
"In preparation the company has planned an aggressive Spring field campaign of geological mapping and sampling, commencing next week. One objective of the campaign is to identify the best route to return to the Sharktooth zone where operational problems were encountered during drilling last year," Fraser added.
Great Western Mining shares were 0.7% higher at 0.31 pence each on Wednesday.
