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0.14 0.00 (0.00%)

Bid:

0.13

Ask:

0.15

Spread: 0.02 (15.385%)

Market Cap: £12.25m

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Rockfire Interim Loss Widens As Lighthouse Samples Meet Expectations

Thu, 27th Sep 2018 13:05

LONDON (Alliance News) - Rockfire Resources PLC on Thursday said its loss widened in the first half of 2018 due to administrative costs, as work continued at its Lighthouse project in Australia.

The mining company, which has operations in both Australia and New Guinea, recorded a pretax loss of GBP285,739 for the six months to June 30. This is close to three times its GBP94,787 loss the year before.

In both cases, the company's loss was entirely due to administrative costs. Rockfire is not, at present, revenue producing.

Cash and cash equivalents stood at GBP574,142 on June 30, down from GBP1.3 million at the end of 2017.

During the period, Rockfire completed its rock sampling of Lighthouse, which is situated in Queensland, and found a quarter of all samples containing gold in excess of 10 grams of gold per tonne of ore, consistent with historical rock sampling for 1987.

Shares in Rockfire were down 2.0% at 1.20 pence on Thursday.