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LONDON (Alliance News) - Great Western Mining Corp PLC on Wednesday said its energies will be poured into making progress on its heap-leach project and its cooperation agreement around its assets in Nevada as it moves from pure exploration towards commercial exploitation.
In August, Great Western inked a cooperation agreement for the initial development of its M1 copper-gold prospect in Mineral County, Nevada. It has signed a deal with Crown Point Gold & Silver Mining Co LLC, which holds an interest in assets neighbouring the M1 prospect, and the pair will collaborate on progressing the prospect.
Great Western also made progress on its heap leach project in Nevada in the first half and conducted a second soil sampling programme at M1 in early summer which found widespread anomalous mineralisation. Results from the 2016 field programme conducted at the site will be made available soon.
The company made a EUR252,881 pretax loss in the half-year to the end of June, compared to a EUR98,211 loss a year earlier due to much higher administrative expenses related to the ramped up work on its assets.
Shares in Great Western were untraded on Wednesday, having last traded at 0.407 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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