Persian Gold, the Irish based AIM listed Iranian gold and copper explorer, has reported a narrowing of pre-tax losses for 2008. It said its pre-tax losses came to £310,367 sterling compared to a figure of £379,383 the previous year.
Announcing its results, the company said that it has applied for a discovery certificate at the Chah-e-Zard gold and silver project in central Iran to mine 160,000 ounces of gold and a million ounces of silver.
It is also finalising an application for a discovery certificate for the Dalli copper and gold project about 200km south of Tehran.
'The recession is temporary but the potential in Iran is permanent,' commented Chairman John Teeling. He said that Iran is a vast country with significant quantities of gold, copper and other base metals.
'Political uncertainty during the past 30 years has resulted in limited exploration using modern techniques. Sanctions have made it difficult for large mining companies to invest. Opaque rules on mineral ownership have not facilitated investment,' he said.
'Persian Gold, as an Irish controlled, Irish managed company, has been able to navigate the complexities. We find ourselves one of the few, if not the sole, western company actively exploring for minerals in the country,' he added.
