LONDON (Thomson Financial) - Ovoca Gold Plc. posted a wider first-half pretax loss but said the next half year should see significant progress towards achieving production.
The company, which explores for precious metals in Russia, reported a pretax loss of 598,051 euros versus a loss of 371,971 euros a year ago. Administrative expenses for the six months to June 30 rose to 602,631 euros from 397,784 euros last year.
Ovoca Gold's chief executive Leonid Skoptsov said the Goltsovoye project is moving ahead, with the detailed engineering nearing completion and due diligence well underway.
'We are looking forward to closing the project finance in the near future and moving to appoint the lead construction and mining contractors as soon as possible,' Skoptsov said.
Work in Kola has been ongoing and the drilling results to-date indicates a world class molybdenum and copper ore body, he added. TFN.newsdesk@thomson.com npr/ra COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.