LONDON (Thomson Financial) - Sierra Leone-focused diamond and gold miner
Target Resources Plc. reported a widened full year pretax loss on low levels of
mining activity, but said it expects to ratchet up production in the coming
months and is on track to deliver on its mining plan.
Pretax loss for the full year to Oct. 31, 2007 was 5.25 million pounds
compared with a loss of 4.38 million the previous year, while turnover rose to
just 412,000 pounds against 266,000.
Target said the level of mining activity during the year was low due to a
transition period while new mining management was contracted.
However, "notable progress has been made and we look forward with optimism",
said the company, adding that it was encouraged by the size and quality of
diamonds produced to date.
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