Great Western Mining's shares rise on year of pleasing progress

Great Western Mining's shares advanced after it posted a wider loss for a year that it said was one of pleasing progress.

The company's loss for the year was €430,205, from a loss of €340,707. Chief executive David Fraser said 2016 has been a year of pleasing progress for Great Western Mining.

"Field work early in the year on M1 identified a gold target drill zone and as a result of this work a Phase 1 drill programme with local partner Crown Point Gold & Silver was initiated on M1 in November," said Fraser.

He added that just after the year end the first results from the Scoping Study on M2 yielded a very encouraging resource upgrade to 4.1 million tonnes of 0.54% copper at a 0.2% cut off.

"Great Wester Mining continues to make excellent progress with its strategy of identifying sufficient ore reserves to establish early production, whilst continuing ongoing evaluation of its significant project portfolio," Fraser said.

At 14:44 GMT, shares in AIM-traded Great Western Mining were up 1.2% to 0.42p each.