LONDON (Thomson Financial) - Falkland Gold and Minerals Ltd reported a wider
full-year pretax loss as it wrote-off intangible fixed assets and said it was a
disappointing year as it was unable to identify the source of coarse gold
particles evident in some streams in the East Falklands.
For the year to Sept 30, the company posted a pretax loss of 3.70 mln stg
compared with a loss of 1.32 mln stg.
It said as there is insufficient evidence to suggest there is an economic
mineral resource within its licence area it has written off about 2.64-mln-stg
costs associated with the Falkland Islands exploration project.
As at Sept 30, it had cash resources of about 4.18 mln stg.
Falkland said the cash makes it well-placed to continue its exploration
activity elsewhere, and hence continues to view itself as a going concern.
Chairman Richard Linnell said if the company is unable to identify
economically significant mineralisation by year-end it plans to use the
remaining cash balance to explore in prospective areas elsewhere in the world.
tf.TFN-Europe_newsdesk@thomson.com
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