LONDON (Alliance News) - Exploration company Chesterfield Resources PLC on Thursday said its loss widened substantially in the first half of the year due to administrative expenses.
In the six months to June 30, Chesterfield recorded a GBP349,668 operating loss, several times its GBP25,519 loss the year before and due entirely to expenses.
At present, Chesterfield holds mineral licences in Cyprus totalling more than 70 square kilometres and has just commenced its first stage of drilling at its Trodos West block. It does not yet produce any revenue from these licences.
"We anticipate publishing our first assay results in November. There should then be steady stream of results, every few weeks, well into the spring of next year," said Chesterfield Executive Chair Martin French.
Drilling at its Troodos North and Troodos East blocks, also in Cyprus, is to begin in 2019.
"Once the company starts to report assay results, we believe this will be the appropriate time to start telling our story, and increasing the awareness of the stock in market. We are also keen to attract some retail investors to the stock, and so provide more liquidity," French added.
Shares in Chesterfield Resources were untraded at 6.50 pence on Thursday.
Chesterfield R. (CHF)