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Landore Resources Loss Widened in 2017, Continues Ontario Gold Exploration

1 Jun 2018 6:48 am

By Adam Clark

Landore Resources Ltd. (LND.LN) said Friday that its loss almost doubled in 2017 as it continues exploration efforts at its Junior Lake gold project in Ontario, Canada.

Landore reported a pretax loss of 3.3 million pounds ($4.4 million), compared with a GBP1.7 million loss in 2016.

The company generated no revenue and the loss was driven by an increase in exploration costs to GBP2.1 million from GBP1.1 million. Landore said its focus was on the BAM East gold deposit on the Canadian site, which has an estimated resource of 400,000 ounces of gold.

At the end of the year, Landore had cash balances of GBP369,604. After the year end, Landore raised GBP3.2 million in a share placing at 1.5 pence a share, which it said leaves it fully funded for its planned operational expenses in 2018.

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

(END) Dow Jones Newswires

June 01, 2018 02:48 ET (06:48 GMT)

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