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LONDON (Alliance News) - Great Western Mining Corp PLC on Wednesday said it made good progress in 2015 as its pretax loss narrowed and it continued work on its copper and gold projects in the US state of Nevada.
Great Western said it made a pretax loss of EUR340,707 for the year to the end of December, compared to a EUR368,712 loss the year prior.
The company does not make revenue, so the loss was reduced by lower administrative and finance costs.
"2015 has been a year of solid progress for Great Western Mining. The company is in the strong position of having valid drill permits on its two most advanced copper-gold targets, M2 and M4, and has received confirmation of the exciting Carlin-style gold potential of M5," said Chief Executive David Fraser.
Great Western said the mining industry is facing significant challenges at present, but it managed to navigate through these relatively well in 2015.
Shares in the company were down 8.8% to 0.44 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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