(Alliance News) - ECR Minerals PLC said Tuesday its annual loss widened as it continues to focus on gold exploration activities in Australia.
Shares in ECR Minerals were 17% lower at 0.50 pence on Tuesday in London.
The mineral exploration and development company reported a pretax loss of GBP757,210 for the year to the end of September, widened from GBP550,018 the year before on higher administrative expenses.
ECR Minerals did not generate any revenue in the year as it does not have any producing assets.
During the period, ECR's subsidiary Mercator Gold Australia Pty Ltd continued to develop its business through exploration work and rationalising its portfolio of projects.
As part of this, Mercator completed the reconnaissance rotary air blast drilling programme targeting numerous quartz reefs at the Black Cat prospect, as well as 1,687 metres of reverse circulation drilling at the Crestwick gold prospect.
Looking ahead, ECR said that the suspension of travel routes and movement restrictions within the UK and Australia has affected operations, however due to the nature of present activities, the impact has been minimal.
ECR will look to conserve cash wherever possible, and will focus on gold mining, which is considered more "exciting" due to rising prices.
"With the gold price having traded at record levels in Australian dollar terms earlier this calendar year, there is currently a very high level of interest in gold exploration and mining in Australia, including in Victoria and Western Australia, and a number of expressions of interest in ECR's projects have been received from third parties," said Chief Executive Officer Craig Brown.
"Accordingly, as well as seeking to add value through our own exploration activities, the company is actively considering potential transactions which may create value for the company and its shareholders," Brown added.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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ECR Minerals (ECR)