LONDON (Alliance News) - Landore Resources Ltd Tuesday said its pretax loss narrowed in the first-half as its exploration and administrative costs came down and it reported no revenue again.
Landore said its pretax loss for the six months to June 30 was GBP809,560 against a loss of GBP1.5 million a year earlier. The narrower loss reflected a fall in exploration and administrative expenses for the company in the period, with exploration costs down to GBP376,479 from GBP887,465 and administrative expenses falling to GBP468,664 against GBP687,268.
In the half-year, the company raised GBP2.6 million via a share placing to be used to conduct follow-up drilling at the B4-7 and VW nickel deposits on its Junior Lake property in Canada.
The first follow-up drilling campaign at Junior Lake was completed in July and confirmed the extension of a significant copper/gold mineralised structure in the B4-7 area, Landore said.
The second drilling campaign for the VW area has now started, it added.
"We are very encouraged by the progress we are making on our flagship Junior Lake Nickel Copper project and look forward to reporting further progress from our current drilling campaigns in the near future," said Landore Chairman Bill Humphries.
Landore shares were trading 4.4% lower at 2.7 pence per share on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Landore (LND)