Exploration firm Glencar Mining has announced a loss of $781,312 for the six months to the end of June, up from $229,198 the same time last year. This loss includes, for the first time, the imputed cost of the issue of share options to directors and others under the company's share option scheme.
During the six months, Glencar completed a private placing of over 18 million new shares, which raised $2.19m for the company. These funds will be used to allow continuation of its exploration programme in Mali.
The company said its exploration wells in Mali are entering a 'very exciting phase'. Diamond and reverse circulation drilling is to due to start at Komana West in October with the aim of providing sufficient data to work out a mineral resource by the middle of next year.
Intensive exploration work is also due to start at the Komana East target, while further drilling programmes will be carried out in the Sankarani Project under the terms of the deal with Gold Fields.
