(Alliance News) - Landore Resources Ltd on Wednesday said its loss narrowed in 2018 due to a reduction in both exploration costs and administrative expenses.
The gold miner's pretax loss for 2018 was GBP2.9 million, down from GBP3.3 million in 2017 with the main contributor being a 38% drop in administrative expenses to GBP744,770 from GBP1.2 million.
Adding to this was a small drop in exploration costs to GBP2.0 million from GBP2.1 million. Landore said operating expenses were in line with expectations and budget.
In March 2018 the company raised GBP3.2 million from the issue of shares at 1.5p each. In May 2019, the company raised another GBP1 million at 0.7p per share and is now funded for a minimum of six months.
In 2019, the company is planning a 4,500-metre drill programme at the BAM gold deposit in Canada to further infill and extend the 951,000 ounce resource. This will be accompanied by an exploration campaign on the seven kilometres along strike between BAM and the Lamaune Lake property.
Shares in Landore were untraded Wednesday midday, last quoted at 0.69 pence.
Landore (LND)