Orosur Mining shares edge lower as loss widens in first quarter

(Alliance News) - Orosur Mining Inc on Friday said it will evaluate new opportunities in South America, as it posted a widening of its loss in the first quarter.

The South America-focused minerals explorer and developer reported a net loss of USD718,000 for the three months that ended August 31, widening from USD279,000 a year prior.

Shares in the company were 4.3% lower at 22.50 pence on Friday morning in London.

Corporate and administrative expenses were down 8.5% at USD398,000 from USD435,000, but the company noted share-based compensation of USD73,000, up from none reported the year prior.

Also hurting the bottom line, the company recorded a USD79,000 loss on the fair value of warrants, compared to nothing, coupled with a swing to a foreign exchange loss of USD74,000 from a USD28,000 gain.

Orosur Mining posted a USD33,000 loss from discontinued operations, swinging from income of USD169,000.

Looking ahead, the firm is set to focus its investment in Colombia and Argentina, whilst also evaluating new opportunities in South America.

Orosur said it is looking to complete its in-fill drilling program at Pepas, within the Anza Project in Colombia. It said this would facilitate the completion of a maiden resource estimate.

The company added that geological mapping and sampling is nearing completion at El Cedro, and in Argentina, it will soon commence a 3,000 metre drilling programme at the El Pantano project.

By Christopher Ward, Alliance News reporter

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