LONDON (Alliance News) - Orogen Gold PLC Tuesday said it narrowed its pretax losses in its first half as it saved money by not providing any share-based payments compared to last year.
The Europe-focused gold and minerals exploration company said its pretax losses narrowed to GBP185,000 from GBP263,000 for the six months ended June 30.
The company has yet to make any revenues.
Orogen posted a slight increase in administrative expenses to GBP197,000 from GBP182,000 but the company saved money by not providing any share-based payments this period compared to a GBP106,000 payment the previous year.
The company also announced that it has made a near-surface gold discovery in Armenia at the Mutsk site, where a maiden gold resource estimate is now expected in 2014. The company said it is scheduled to complete a USD2.5 million ear-in on Mutsk giving it 80% rights to the site.
At the end of June the company's cash position was GBP1.6 million.
Orogen shares were up 9.1% to 0.42 pence Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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