LONDON (Alliance News) - Uranium Resources PLC Monday said its pretax loss narrowed in its first half as expenses fell on its overheads reduction policy.
The uranium exploration and development company, which operates in Tanzania and is yet to produce any revenues, said its pretax loss narrowed to USD170,000 for the six months ended December 31, from USD467,000 the previous year.
The company said its total administrative expenses fell to USD274,000 from USD498.000 as the company carried out an overheads reduction policy and it made an interest receivable and foreign exchange gain of USD107,000 rather than USD31,000.
Uranium Resources said it is continuing its development and exploration programme towards the expansion of a maiden resource at its Mtonya site and its 2014 exploration programme is anticipated to launch in May 2014.
The company added that in March, Estes Ltd provided it with a further USD300,000 loan as its pursues a range of opportunities to progress the expansion drilling campaign at Mtonya.
Uranium Resources shares were down 16.3% to 0.900 pence, putting it in the top ten AIM fallers Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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