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North River Resources bids to become profitable revenue generator

Published: 18:38 27 Jun 2013 AEST

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North River Resources (LON:NRRP) has made good progress on several fronts as it implements a new strategy under a new board.

Reporting 2012 full year results, the firm said the aim was to transform from loss-making explorer to a profitable revenue generating company.

Managing director Martin French said having taken up the position when David Steinepreis stepped down, the firm decided to streamline operations and focus on its flagship project, the reopening of the Namib lead zinc mine in Nambia.

Dominic Claridge was hired as project manager and two new non exec directors joined: Brett Richards, formerly chief executive of Avocet Mining, and Ms Qi Yu, chief executive officer of Extract Resources Limited, he added.

Earlier this month, the firm said it had started a proof-of-concept drill programme on the flagship project.

The plan is to verify the extent of the ore beneath and around the historic mine and gain a better understanding of its economic potential.

Other highlights of 2012 were the granting of a licence to expand the exploration area at Namib and the raising of £1 mln.

The firm posted a loss before tax of £2.81 mln (2011: loss of £2.91mln).

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