Rare earths and gold explorer Galileo Resources (LON:GLR) is to direct its efforts on its two existing assets while the climate for juniors remains so tough.
The group holds a stake in Glenover, a rare earth/phosphates prospect in South Africa, and Ferber a gold tenement in Nevada near to the recent gold discoveries at Long Canyon and Kinsley Mountain.
At Glenover, Galileo said the aim is strategic funding partnership to advance the project to full feasibility study.
At Ferber, and in light of recent major gold finds in Nevada, Galileo is reviewing historical production data as the basis of a future exploration program.
Ferber is approximately 12 kilometres east of Kinsley Mountain, it added.
Losses for the six months to September were £277,000 (2013:loss of £1.35mln).