LONDON (Alliance News) - Premier Gold Resources PLC Monday said its pretax loss was flat in 2013 as a fall in administrative expenses was offset by losses on the disposal of a subsidiary and fair value losses on its derivative financial assets.
The Central Asia-focused gold exploration and development company - which is yet to produce any revenues - said its pretax loss remained flat at GBP1.5 million for 2013 compared to the previous year.
The company said its administrative expenses fell to GBP873,310 from GBP1.2 million as the company focused on restarting operations at its Cholokkaindy gold license in Kyrgyzstan.
However, Premier Gold said it lost GBP150,724 after disposing of a subsidiary and faced a GBP473,833 charge due to losses in the fair value of its derivative financial assets.
In October 2013, the company said that it had encountered resistance from factions of local groups and gangs seeking to hold up the work programme at Cholokkaindy illegally. It said these groups had sought to threaten and intimidate employees of the Company and its Kyrgyz contractors and so the company was unable to undertake fieldwork operations during the last field season.
In February, it said the new governor and the head of local administration in the region have prioritised dealing with local resistance in order to restart operations at the site.
On Monday, Premier Gold said it remains unhappy with how slow the process is developing but advised customers to remember that the site should be a highly prospective gold deposit if allowed to develop.
The company added that at December 31, 2013, it had cash and cash equivalents of GBP274,539.
Premier Gold shares were untraded at 0.085 on Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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