LONDON (Alliance News) - Landore Resources Ltd on Friday said its loss widened in 2017 as it progressed its drilling campaign at Junior Lake Property in Canada.
The mineral exploration company pretax loss widened in 2017 to GBP3.3 million from GBP1.7 million the year before, as a result of increased expenses.
Exploration costs grew year-on-year to GBP2.1 million from GBP1.1 million while administrative expenses rose to GBP1.2 million from GBP791,182.
The company does not have any operating revenue as it is at the development stage of its gold deposit at Junior Lake.
After the drilling programme, completed in 2017, Landore Resources said the East Gold resource at Junior Lake increased to 400,000 ounces.
For 2018, the company plans to advance the East Gold deposit to a 1.0 million ounces gold resource, and it has started the drilling programme to do so.
The stock was trading 0.7% lower at 1.54 pence each on Friday.
Landore (LND)