LONDON (Alliance News) - Goldstone Resources Ltd Wednesday said its pretax loss significantly narrowed in its first half on lower exploration expenses and cash conservation measures.
The AIM-listed junior gold explorer, with operations in West and Central Africa, said its pretax loss narrowed to USD705,550 for the six months ended August 31 from USD4.5 million the previous year.
The company is yet to post any revenues but decreased its exploration expenses to USD394,341 from USD3.8 million and instigated cash conservation measures in March, including the deferment of 50% of managements salaries.
Goldstone said it is positive about the progress of its joint venture with Randgold Resources Ltd despite some sites not meeting criteria for further work after a drilling programme in Senegal.
The company also said that it needs further funding to significantly advance its Gabonese projects in 2014 after positive results from its Ngoutou site including a 16 metre space with 1.3 grams per tonne of gold.
Goldstone Resources shares were down 7.8% to 1.25 pence Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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Goldstone Resources (GRL)