LONDON (Alliance News) - Orogen Gold PLC on Wednesday said its pretax loss narrowed in the first half and said it intends to keep hold of the Mutsk gold project in Armenia, as it announced the appointment of its new chief executive.
The company said its pretax loss for the six months to the end of June was GBP181,000, narrowed from GBP214,000 a year earlier and in line with a decline in administrative expenses. Orogen does not generate any revenue.
Orogen said the Mutsk project in Armenia has the potential to be a large, low-grade gold discovery and said that while securing the funding to back the project may be difficult given the challenging commodities markets at present, it intends to secure its interest in the project.
In a separate statement on Wednesday, Orogen said it has appointed Colin Bird as its new chief executive with immediate effect. Bird was the founder of Kiwara PLC, which in 2009 sold the Kalumbila copper project in Zambia to First Quantum Minerals Ltd, Orogen said.
Shares in Orogen was up 14% at 0.040 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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