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UPDATE - Sunrise Resources keeping the faith with diamond exploration

Published: 22:17 19 May 2014 AEST

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Sunrise Resources (LON:SRES) reckons investor sentiment in diamond firms is turning a corner, it said, posting its latest half year numbers.

They are increasingly recognising the looming supply shortfall looming after years of under investment in exploration and new mines, it said.

Sunrise has kicked off this financial year with a higher level of exploration activity and renewed optimism, it said.

After a fundraising in March this year, it has advanced exploration on a number of its projects with positive results already announced, including a one tonne sample from the Cue project in Western Australia being sent to Canada for analysis.

The group reported a loss for the six month period of £156,479 compared to £748,949 in the same period last year, including administration costs of £140,112.

"From our roots as Sunrise Diamonds we have kept faith with our diamond exploration efforts and look forward to reporting further results when available, it said.

Broker Northland noted: "After a quiet year in 2013 where Sunrise Resources focused on minimising expenses and low cost project generation, this year Sunrise has already stepped up its exploration activity. 

"The company is not only rapidly advancing its principle Cue Diamond project, located in western Australia but has acquired several new assets in Nevada and achieved interesting early-stage results," said Dr Ryan Long.

Northland also noted the award of the Corona and Bakers tenements - two gold prospects 150km from Cue - which is expected in the second quarter of this year, and which will provide "further upside".

Shares were unchanged at 0.425p.

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