Greatland Gold
The principal activity of Greatland Gold plc is to explore for and develop natural resources, with a focus on gold. The Company operates in Australia where it has three projects covering a total area of approximately 450sq km. The projects are located in Tasmania and Western Australia. The Firetower project in Tasmania, is the company’s primary focus. It has high-grade gold mineralisation at surface and drill intercepts up to 30g/t gold. Mineralisation. The second project of Warrentinna lies in the north east of Tasmania and covers three historic goldfield with numerous old working. High grade gold has been identified in these areas. A third project of Lackman Rock in Western Australia is prospective for both gold and nickel sulphides.
Greatland Gold says it has enough cash to last to 2010
Financial results for small cap mining companies are usually a rather dull affair. However, in light of the current market conditions, and the restrained availability of financing options, the balance sheet of every PLC has never been more important.
Greatland Gold, a junior mineral exploration company with gold and nickel exploration projects in Tasmania and Australia, rightly so pointed out the fact that as of 30 June 2008, it had a cash balance of £1.8 million, and planned expenditure of approximately £0.535 million per annum for its projects. Combined with lean overheads, the company noted that it would not need to raise additional capital until 2010 on its current budgets.
“During the 2008 financial year Greatland Gold significantly reduced its operating losses through meaningful expense reduction and currency gains. At the same time we maintained a similar level of exploration spend. Our final result for 2008, a pre-tax loss of £404,929 represents an improvement over pre-tax losses of £561,326 in 2007. The final result (EPS -0.21p) is a tribute to our considerable efforts to conserve cash without sacrificing our plans for investing in Greatland's future,” the company stated.
“Our current cash levels provide funding for foreseeable expenses well into 2010”
Looking to the future, Greatland said it was looking at joint venturing out some of its projects to help conserve cash and diversifying risk. The Firetower Project in Tasmania, where a small gold resource has already been defined, was noted as a lead candidate for joint venture. However, while Greatland is seeing partners, until one is secured, the company said it would maintain exploration budgets to advance its assets futher.
Other Greatland Gold news
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18/11/08 Starvest raises stake in Greatland Gold to 11.19 pct
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08/07/08 Starvest increases interest in Greatland Gold to 10%