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Panthera Resources PLC on Friday said first half pretax loss had widened, as it secured funding for Cascades project in Burkina Faso.
The London-based gold explorer with projects in India and West Africa said pretax loss for the first half ended September 30 was $1.4 million, narrowing from $1.9 million.
The company reported that net assets were $2.6 million at September 30, up 39% from £1.8 million a year ago.
Panthera said an agreement had been signed with Diamond Fields Resources Inc, to provide up to $18 million in funding for exploration and development at the Cascades Project in Burkina Faso.
The owner of the project, Moydow Holdings Ltd - in which Panthera holds 20% equity - has also made a significant discovery at the TT13 prospect following a drilling campaign.
The company said it had also identified five significant prospects at its Bassala project in Mali, one of which has a 2 kilometres strike length.
Managing Director Mark Bolton said: ‘Despite the challenging equity market conditions for gold juniors, the year to date has again been one marked by significant field activity on our extensive West African assets. This is in part supported by the completion of the Moydow restructuring and funding agreement with DFR.’
Panthera shares were flat at 4.70 pence each on Friday in London.
By Harvey Dorset, Alliance News reporter
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