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(Alliance News) - Panthera Resources PLC on Monday said its loss narrowed in the first half of its current financial year as it progresses on development of its gold projects in India and Africa.
The mineral explorer said its loss narrowed to USD659,348 in the six months to the end of September from the USD1.1 million loss reported a year earlier. Revenue was immaterial in both periods.
Panthera said narrowed loss resulted from exploration expenses bieng reduced to USD289,934 from USD534,903 a year before.
"During this period Panthera has made excellent progress on multiple fronts, including strengthening our legal case for grant of the Bhukia production licence, the acquisition of an excellent property package with strong indications of gold mineralization in Burkina Faso, and completion of several financings that provide low dilution to shareholders by leveraging the underlying value of the company's asset base," explained Chief Executive Geoff Stanley.
Panthera is targeting a 6.0 million ounces of gold resource at Bhukia project in India, where it holds 67% stake.
Meanwhile, in west Africa, Panthera said it sees "significant" potential for higher grade mineralisation following drilling at Labola project in Burkina Faso.
Stanley added: "We are looking forward to reporting substantial additional progress in 2020. Areas of focus will remain advancing the permitting process in India to allow exploration to recommence at Bhukia, adding to our already successful West African exploration efforts and nurturing the ASM investment."
Panthera shares were trading 4.0% lower in London on Monday morning at 6.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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