Cornish Metals Inc - UK-focused mineral exploration and development company - Narrows loss in the three months ended April 30 to C$206,802, around £123,396. This compares to a loss of C$979,427 the year prior. Total operating expenses in the period climb to C$924,120 from C$627,115. Net cash used in operating activities rises to C$1.0 million from C$625,384, while net cash used in investing activities multiplies to C$7.0 million from C$1.2 million.
‘It is just over a year since the £40.5 million financing led by Vision Blue Resources completed, and we are pleased with the excellent progress that has been made during this time. Dewatering of the mine is on track for commencing later this summer and other aspects of the project are well underway. With the completion of the metallurgical drill programme this month, we look forward to continuing the exploration programme of the Wide Formation at Carn Brea in the coming weeks to demonstrate the Mineral Resource potential of this target,’ says Chief Executive Richard Williams.
Current stock price: 11.00 pence
12-month change: down 46%
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