Bellzone Mining loss widens as development continues

12th Sep 2016 14:50

(ShareCast News) - Bellzone Mining announced its unaudited interim results for the six months to 30 June on Monday, with revenue remaining at zero and losses widening to $3.58m, from $3.69m a year ago.The AIM-traded firm said it was within the board-approved working capital budget by 10% at period end, and there had been no significant negative unbudgeted expenditures.It said Ferronickel Project feasibility study work to date has yielded positive results, and it was well within budget on feasibility study work.The loan facility of $6.5m was continuing to fund working capital requirements and placing of $2m to fund feasibility study work, as announced in December 2015 and January 2016."As at 30 June, Bellzone held net cash of $2.4m and had drawn down $3m of the loan facility from Hudson Global Group," Bellzone's board said in a statement."As at 31 August, these balances were $2.2m and $4m respectively."