LONDON (Alliance News) - Landore Resources Limited Thursday posted narrowed pretax losses as it reduced exploration costs and continued focus on its nickel project in Canada.
For the six months ended June 30 the company posted a pretax loss of GBP1.5 million, narrowed from GBP2.5 million. Landore said this was in line with expectations and reflected reduced exploration costs, which dropped to GBP887,465 from GBP1.8 million.
The company said that it had focused almost entirely on its Junior Lake project in Canada during the half-year period, and that pre-feasibility studies had been initiated for the project. A drill programme is currently being prepared, the company said, and will be carried out during 2014. It said that it had been encouraged by the success of resistivity results in identifying potential nickel targets at depth, and it intends to expand the DCIT and MT geophysical coverage over the whole area during the winter 2013-14 program.
In preparation for this, the company said that around 60 kilometres of line cutting was under way in the proposed survey area.
Shares in the mineral exploration company were trading down 5.3% at 2.25 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Landore (LND)