(Alliance News) - Orosur Mining Inc on Monday hailed the addition of a Lithium asset in Nigeria as it reported a narrowed quarterly loss.
The South America-focused minerals explorer and developer said in its first financial quarter to August 31, loss narrowed to USD287,000 from USD862,000 a year ago. It reported no revenue for either period.
Orosur Mining said in Uruguay, its subsidiary Loryser continued to focus on its activities on the final stages of the creditors agreement.
Executive Chair Louis Castro said: "This has been a very busy progressive first quarter for the company, with positive advances across all our portfolio. We are particularly delighted, post period, to add a high quality lithium asset in Nigeria with an in situ team, which will allow us to focus on both our south American activities and on our new asset."
The company on October 16 had reported a signed joint venture agreement over four licences in the Nigerian lithium belt, under which Orosur Mining may earn up to 70% equity in the project in two phases.
Orosur Mining shares rose 7.3% to 2.20 pence each on Monday morning in London.
By Tom Budszus, Alliance News reporter
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Orosur Mining (OMI)