LONDON (Alliance News) - Karelian Diamonds Resources PLC Monday said lower operating costs narrowed its loss in the first half of its financial year, but the miner also reported a substantially lower cash balance at the end of 2015.
Karelian, which does not yet generate any revenue, said its pretax loss in the six months to the end of November amounted to EUR109,813 compared to a EUR121,087 loss a year earlier after its operating expenses fell.
"The company has made excellent progress with its diamond exploration programme in Finland, especially at Rihiivaara which is particularly exciting," said Chairman Richard Conroy.
Exploration is currently focused on five regions within Finland, where the company has already outlined the "largest diamoniferous pipe" to ever be discovered in the country.
"Exploration results from your company's nearby Riihivaara target in Eastern Finland during the period covered by this report have been particularly exciting. High concentrations of kimberlite indicator minerals have been recovered suggesting the possible presence in the area of a new kimberlite source," said Conroy.
Cash at the end of the year stood at EUR69,122, compared to EUR924,748 at the end of November 2014 and EUR474,026 at the end of May 2015.
Karelian shares were up 3.6% to 0.829 pence per share on Monday afternoon.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Karelian (KDR)