Landore Resources Ltd (AIM: LND) said it will continue drilling at its Junior Lake projects in Ontario province and increase resource estimates there as it reported results for the full-year December 31 2008.
It incurred a pretax loss of £3.94 million compared with a £2.63 million loss in 2007, mainly due to increased exploration expenditure of £2.55 million, up from £1.74 million.
The company is funded for its 2009 activities and has no long-term debt. Landore raised a total of approximately £6.2 million in the period under review by placing new shares and warrants being exercised.
In the current year, Landore will continue drilling on Junior Lake’s VW and B4-7 nickel deposits with the aim of increasing the resource estimates of those projects. “It is our intention to continue advancing these two projects towards development so as to take advantage of the recovery cycle in commodities that is widely expected by analysts,” it said.
It will also carry on drilling on the iron ore deposit there with the aim of producing an inferred resource estimate of tonnage and grade.
For 2009, the company plans further exploration at its Lessard copper-zinc-silver project in Quebec to identify more deposits on the property.
Due to the strong gold price, Landore is currently conducting a study on the gold occurrence located between 2003 and 2005 on the Miminiska Lake property in Ontario with the aim of recommencing exploration, including drilling, in the second half of 2009.