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Bullabulling Gold narrows loss in first half; continues development of flagship project

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Bullabulling Gold (LON:BGL, ASX:BAB) narrowed its overall loss in the half year as it continues to develop its flagship project of the same name in Australia.

In the six months to June 30, the loss from continuing operations came in at $661,234 compared to a loss of $763,496 in 2011.

The pre-tax loss was $993,934 compared to a loss of $285,033 compared to the 2011 half year.

Other than development and further exploration, Bullabulling said there had been no other "significant" operations in the period.

Just days ago, on Sepember 6, the company told investors that a new drill programme was now underway at the Bullabulling mine development project.

It said the findings of the programme could significantly influence the exploration strategy in the future, as well as the project’s resource potential.

Two deep holes will be drilled, each to a depth of at least 600 metres. 

These holes will test a number of targets including the Bullabulling eastern fold limb which could host mineralisation analogous to the 3.2 million ounce deposit in the eastern limb.

Meanwhile, at the end of last month, broker Canaccord said it expected the Bullabulling resource to eventually rise above 4Moz from 3.4 Moz currently and that the updated economics will be highlighted by the pre-feasibility study, likely to be released in the last quarter of 2012

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