LONDON (Alliance News) - Red Leopard Holdings PLC shares dropped heavily Monday morning, despite the company recording revenue and a slightly narrowed pretax for the half-year to the end of June.
Red Leopard's pretax loss in the period was GBP80,662, slightly narrower than the GBP80,977 posted in the comparable period a year earlier. That came as its revenue in the period, GBP14,594 against no revenue in the first half of 2013, just offset a rise in costs in the period.
The company said it has been working with the US Bureau of Land Management regarding the reopening of operations at the Idora Tunnel in order to allow the company to continue exploring its mining claims in the Shoshone County area of Idaho.
Red Leopard hired Coeur d'Alene Mining Contracting LLC to remove the rock falls and debris at the entrance to the tunnel and to install a metal culvert to allow safe exploration access to the tunnel.
The company said it intends to get a geologist on site in order to explore the length of the drift as far as possible, undertaking additional work to prepare the tunnel for exploration activities and start a sampling programme at the site.
Red Leopard said it is on track to develop a small scale mining operation in the next two years, with the aim to provide sufficient cash flow to establish a systematic programme and development of a valuable grade ore body.
In the half-year, Red Leopard worked on the sale of two properties by Sociedad De Asesoria Jurdica y Economica Minem S.A. in Chile, for which the company received USD25,000 in cash and 300,000 ordinary shares in Cougar Minerals Corp, the buyer of the properties.
Red Leopard shares were trading 15.8% lower at 0.4 pence per share on Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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