News Column

Sula Iron & Gold Pretax Loss Narrows On Lower Expenses

June 30, 2014

Tom McIvor

LONDON (Alliance News) - Sula Iron & Gold PLC Monday said its pretax loss narrowed in its full-year as expenses fell while the company developed its Ferensola asset in Sierra Leone.

The metals exploration and development company, which is yet to produce any revenues, said its pretax loss narrowed to GBP676,000 from GBP988,000 the previous year.

The company said the reduction in its losses came from a fall in administrative expenses and share-based payment expenses during the period.

During the period, Sula completed a range of new tests on its gold and iron resources, while an independent valuation of its Ferensola site during 2013 suggested a minimum value for the licence of USD8 million, a maximum value of USD200 million and a technical value of USD36.7 million.

The company is currently developing JORC compliant resource estimates for the iron ore assets at its Ferensola sites, which it expects to complete by the end of 2014.

Sula Iron & Gold shares were down 2.1% to 2.64 pence on Monday.

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Source: Alliance News

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