LONDON (Alliance News) - Landore Resources Ltd Thursday said its pretax loss narrowed significantly in 2013 as the company reduced its costs and focused exploration activity on the Junior Lake nickel copper property in Canada.
The junior mineral exploration and development company, which is yet to produce any revenue, said its pretax loss narrowed to GBP2.4 million from GBP4.4 million the previous year.
The company said its exploration costs more than halved to GBP1.2 million from GBP3.1 million, as the company reduced its drilling and focused its efforts on further exploration work at Junior Lake.
Landore added that its administrative expenses also fell slightly to GBP1.3 million from GBP1.4 million, and the company paid for its exploration and administration expenses through share placements which raised roughly GBP1.8 million during 2013.
The company is currently attempting to develop the Junior Lake project, and in April said that results from recently completed ground geophysical surveys at the site have identified the presence of nine significant new potential nickel sulphide mineralisation zones, ranging from roughly 400 metres to 1,200 metres in length.
The company said at the time that the new zones are next to its existing B4-7 and VW Nickel resources, and results link well with its December 2013 surveys, providing numerous strong drill targets near the surface and at depth.
Landore Resources shares were up 0.7% to 2.89 pence on Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Landore (LND)