(Alliance News) - Great Western Mining Corp PLC on Monday reported a widened interim loss on higher administrative expenses.
Shares in Great Western Mining were down 21% at 0.2633 pence in London on Monday.
The firm reported a pretax loss for the six months to June of EUR425,723, versus EUR393,988 a year ago. This was as administrative expenses rose to EUR426,515 from EUR395,355 and finance income amounted to only EUR792, versus EUR1,367 a year ago.
The company is still at an exploration and appraisal stage and does not yet generate revenue.
Recognising that Great Western Mining's exploration programme for copper is a long-term one, requiring substantial capital to take it to the next stage in a capital market "currently constrained for mineral exploration", in the immediate future the company intends to prioritise the potential for precious metals, which it believes can be more rapidly exploited.
Great Western Mining will in due course require further funding to finance its operations in Nevada. While this cannot be guaranteed, the company said it has a "reasonable expectation" that it will be able to raise appropriate funding when required.
By Lucy Heming; lucyheming@alliancenews.com
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Great Western (GWMO)