Exploration company Ormonde has reported a loss after tax of €580,071 for 2007 - a slight improvement on the loss the previous year.
The company said it spent €4.25m on exploration and development activities during the year and earlier this month said that its drilling programme had shown a 'substantial' amount of tungsten at its Barruecopardo project in Salamanca in Spain.
Ormonde is now fast-tracking the Barruecopardo and hopes that the evaluation phase should be completed during 2008 with first production targeted for late 2009.
The company is also pursuing feasibility study recommendations on La Zarza. It said it is targeting the possibility of developing upper level copper-gold zones and a staged capital investment strategy.
'I believe that Ormonde has made very significant progress in positioning itself into production, which would generate significant cash flow and substantially increase shareholder value,' commented Mike Donoghue, Ormonde's Chairman.
