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LONDON (Alliance News) - Great Western Mining Corp PLC Thursday said an increase in administrative costs widened its loss for the first half.
Great Western Mining said its pretax loss grew to EUR258,730 in the six months ended June 30, compared to EUR211,833 in the first half of 2013. The company is focused on exploration and currently has no revenue, with increased administrative costs widening the loss.
Great Western Mining finished the six-month period on June 30 with a cash balance of EUR2.2 million after raising EUR2.8 million through two placings earlier in the year.
"In the reporting period and subsequent months Great Western Mining has made rapid advances on its mineral projects in Nevada, made possible by the successful placing of new shares for cash at the beginning of 2014," said Chairman Brian Hall.
The placing enabled Great Western Mining to progress two of the company's major prospects held on a 100% working interest basis in the Marietta District, Mineral County, Nevada, it said.
"We are greatly enthused by the results received thus far from this year's exploration activities...We are confident the next six months will see us report substantial developments," said Chief Executive David Fraser.
Great Western's shares were untraded Thursday morning at 0.625 pence per share.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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