Aureus Mining rises despite posting wider first-half loss

11th Aug 2015 14:53

(ShareCast News) - Canadian based Aureus Mining widened its first half loss in the six months to June 30, down to $5.15m from $2.08m.However shares in the AIM listed company were up by 1.84% to 20.75p at 1451 BST.In the past quarter Aureus Mining took a $1.036m loss on warrant derivative liability.The company owns the New Liberty Gold Mine in Liberia which is not yet producing.The mine has an estimated proven and probable mineral reserve of 8.5 Mt with 924koz of gold grading 3.4 g/t.It is expected to have an annual production of 119koz for the first six years of production.In a note SP Angel said Aureus Mining was delivering the mine against a backdrop of difficult conditions in the commodity market and despite the Ebola epidemic in Liberia."We look forward to the move from commissioning into full commercial production later this year," the company said in a statement.