EXPLORATION COMPANY Glencar Mining posted a loss of $310,240 (€208,000) for the first six months of 2008, up marginally from the loss of $279,993 posted for the same period last year.
However, the company said it expects its Komana resource in Mali to yield a significant commercial gold deposit.
An independent resource estimation of Komana by SRK Consulting is under way, with results expected by the end of September.
"We have already reserved our drill rigs for both reserve definition and exploration for the coming season," said Hugh McCullough, managing director of Glencar.
"We expect it to be just as exciting as the last and we are hopeful that its completion will see us well advanced towards the definition of our third commercial gold find in Africa."
He said that Glencar continues to build on strong exploration results on three targets on its Solona concession, which have demonstrated the presence of significant gold mineralisation.
"Taken together with the very exciting recent results returned from Glencar's adjoining Komana Concession, this area as a whole has emerged as a highly prospective one, which has delivered significant intersections wherever we have drilled," said Mr McCullough.
Drilling is also set to continue on Sankarani Project in a joint venture with Gold Fields, Glencar said.
Glencar has recently completed a $2m funding, which is not reflected in the financial statement for the first half of the year.
