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ECR Minerals focuses on gold exploration in Victoria while ‘remaining on a strong financial footing’

Weili Tang, chairman of ECR Minerals, said: “ECR has made good progress toward its goals this year, whilst remaining on a strong financial footing and with no debt"
exploration
ECR reported an increase in net assets to £3.7mln, due to the capitalisation of exploration expenditure during the year

ECR Minerals PLC (LON:ECR) has reiterated its focus on gold exploration in Victoria, Australia, one of the world’s major gold producing areas, with a drilling programme due to commence in the first half of 2018 now being planned. which will include multiple target areas.

Reporting its results for the year to 30 September 2017, the AIM-listed minerals and exploration company reported an increase in net assets to £3.7mln, up from £2.7mln in 2016, due to the capitalisation of exploration expenditure during the year.

READ: ECR Minerals subsidiary extends Bailieston project for 5 years

The group said the total comprehensive expense in 2017 was £562,649, compared with £1,016,592 a year before, with the biggest contributors to that expense being the cost of operating and carrying out exploration at its projects.

ECR Minerals reported a full-year operating loss of £512.731, a reduction from a £668.474 loss a year earlier, while earnings per share were 0.31p in 2017, compared to 0.01p in 2016.

Weili Tang, the group's chairman said: “ECR has made good progress toward its goals this year, whilst remaining on a strong financial footing and with no debt. I am sure that the coming months will see further positive developments for our Company.”

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