Gold explorer Glencar Mining today reported a slight increase in losses but says it expects its Komana resource in Africa to yield a significant commercial gold deposit.
The Dublin and London-listed company posted a pre-tax loss of €310,240 for the first six months of the year compared to €279,993 for the same period last year.
However, Glencar said its balance sheet did not reflect the proceeds of a $2 million placing which was completed immediately after the end of the period under review.
Managing director Hugh McCullough said: “Intensive drilling on the Komana Concession continues to demonstrate its strong potential”
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He said the company was expecting to receive a consultants report for Komana before the end of September.