Business
Half Yearly Report
Half Yearly Report.
About this update from Landore Resources Limited
[{"type":"text","content":"\n \nRNS Number : 3571O Landore Resources Limited 19 September 2013 \n \n\n \nLANDORE RESOURCES LIMITED\n \n \nINTERIM STATEMENT\nFor the six months ended 30 June 2013\n \n \nMANAGEMENT DISCUSSION AND ANALYSIS\nFOR THE SIX MONTHS ENDED 30 JUNE 2013\n\n \n\n \nGeneral\nThe following discussion of performance, financial condition and future prospects should be read in conjunction with the interim consolidated financial statements of Landore Resources Limited (\"Landore\" or the \"Company\") and its subsidiaries (together the \"Group\") and notes thereto for the period from 1 January 2013 to 30 June 2013. All amounts are stated in Sterling.\n \nOverview\nLandore is listed on the Alternative Investment Market in London, with the trading symbol of LND.L. The Company is based in Guernsey in the Channel Islands and its 100% owned operating subsidiary, Landore Resources Canada Inc, is engaged in the exploration and development of a portfolio of precious and base metal properties in North America. Its activities are almost entirely focused on the Junior Lake nickel project (the \"Junior Lake Project\"), in the province of Ontario, where we have now identified approximately 55,000 tonnes of Nickel equivalent (NiEq) in compliant resource categories. The Junior Lake Project has significant exploration upside which is described in more detail below.\n \nResults of Operations\n \nThe financial results for the six months to 30 June 2013 show a loss of £1,546,309 (2012: loss £2,469,980). These results were in line with expectations and reflects the reduced exploration costs during the period amounting to £887,465 (2012: £1,837,894).\n \nDuring the period under review £835,000 was raised from the issue of 16.7m shares, before issue costs. \n \nThe Group has no debt but will continue to raise further equity as needed to carry out its exploration and development activities.\n \nMineral Exploration Activities \n \nIn the period under review the Group's activities have been almost entirely focused on the Junior Lake Project. In January 2013, the Group announced an updated resource estimate for the B4-7 deposit identifying 2,695,000 tonnes at 1.24% NiEq for 33,248 tonnes of contained metal, all in the Indicated category. The deposit remains open down pl...