Noricum Gold sees production in Q3 2016

Noricum Gold said it had set its sights on gold production in the third quarter of 2016 as it narrowed full year pre-tax losses to £0.653m compared with £1.4m.

The performance was helped by a non-repetition of impairment and corporate charges which came to £0.9m in 2014.

"With first gold ore production set firmly in our sights for the third quarter of 2016, our vision to generate cash flow to help fund our broader development of the significant resources already identified at the Bolnisi gold and copper project in Georgia is getting ever closer to being realised," said managing director Greg Kuenzel.

"The commencement of mining at a very small area within the greater Bolnisi tenure, which benefits from defined resources across 17 initial target areas, will prove to both our partner and the market that we have the expertise and capabilities to deliver production at low cost on a much larger scale in the future," he added.