Alba narrows losses, funding tight

31st Aug 2011 14:51

Alba Mineral Resources, which has mineral properties in Mauritania and Ireland, narrowed losses in the half year to 31 May, but said that its ability to finance exploration activities has been severely restricted.Pre-tax losses narrowed to £68,200 from £96,400 over the same period the previous year. Alba is involved in uranium in Mauritania and base metals in Ireland."As a result of the time and cost involved in maintaining the company's licences and exploration activities, the company's working capital position has been adversely affected," Alba said."In these circumstances our ability to finance exploration activities has been severely restricted and the company continues to manage cash tightly."