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Premier Gold Resources considering assets beyond Cholokkaindy

Published: 17:27 02 Jun 2014 AEST

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Premier Gold Resources (LON:PGR) continues to mull developing other assets beyond its main Cholokkaindy project in the Kyrgyz Republic where attempts to start drilling were thwarted last year.

It came as the firm posted final results, in which it described a "frustrating 2013" where resistance from local groups meant work programmes on the licence failed to begin several times.

"The company's first priority must be the safety of its employees and contractors and the board is doing everything it can to work through the issues being encountered in the Kyrgyz Republic in order to get the teams back out in the field to progress the development of the asset," it told the statement, adding that is is now working with representatives at all three of the relevant levels within the government.

Although this work has been hampered by changes in administration at all three levels, it added.

In keeping with a firm at this early stage of development, it had no revenues in 2013.

The loss before tax was £1,531,593 (2012: loss of £1,528,360). 

Cash and equivalents at December 31 were £274,539 (2012: £181,857).

"In parallel with the government's efforts, Premier Gold is proactively working with local communities to overcome the educational barrier.

"At the same time, the company continues to consider assets beyond Cholokkaindy where the company believes it can deploy its considerable geological expertise to create value for shareholders in a shorter time frame than the company may be able to achieve at Cholokkaindy."

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