Landore Resources narrows losses on decreased exploration and administrative expenses

Landore Resources narrowed losses throughout the first of its trading year thanks to a significant reduction in exploration costs.

As a result of a 32% drop in exploration costs to £892,124, losses for the six months ended 30 June came to £1.25m - a 28% improvement year-on-year and in line with expectations.

Administrative expenses also fell 13% to £370,000.

Losses per share narrowed from 0.002p to 0.001p.

Landore completed a placing and subscription to raise £2.92m back in April and, while the AIM-listed firm was debt free at the end of the period, management noted that it will need to raise further equity in order to carry out its future exploration and development activities.

Looking forward, the company believes its upcoming preliminary economic assessment at the BAM Gold Project will demonstrate the economic viability of the asset and support it's opinion that the deposit can be developed into a low-cost open pit mining operation.

As of 1000 BST, Landore shares had dipped 1.64% to 1.50p.