(Alliance News) - Cora Gold Ltd on Thursday said its loss narrowed slightly in the first half of 2019 on reduced overhead costs from its projects.
The west African focused gold explorer posted a USD397,000 pretax loss for the six months ended June 30, only slightly narrowed from its USD419,000 loss the year before.
This was due to a reduction in overhead costs. In both half-years, the firm's entire pretax loss consisted of overhead costs as Cora Gold is still in its exploration stage and is currently developing its Sanankoro project in Mali.
The company has conducted two targeted drill programmes at Sanankoro year-to-date. It has also undertaken surface exploration at its other Mali projects, as well as those in Senegal.
Chief Executive Jonathan Forster said: "The successful programmes completed this year have been achieved both on time and on budget, a testament to the professional skills displayed by both our field-based geological teams and our contractors. The extent of demand and support we have received in the conditional fundraise of GBP1.95 million announced on September 5 has been extremely encouraging as it demonstrates a high level of confidence from investors in the potential of Cora, the Sanankoro project and the company's wider exploration portfolio. I am delighted with the continued support and participation of our existing shareholder base. We look forward to re-starting exploration programmes at Sanankoro and other permits once the wet season abates and will continue to inform shareholders as results arise."
Shares in Cora Gold were down 1.9% at 7.85 pence in London on Thursday at midday.
Cora Gold (CORA)