Great Western Mining "in strongest-ever financial position"

20th Jun 2014 10:55

Great Western Mining said it has started 2014 in the "strongest financial position in its corporate history" following the completion of a drilling programme in the US.The group finished the first ever drill programme on its 73 square kilometres claim block in southwest Nevada during the year ended December 31st 2013. The company said "encouraging" copper grades were encountered in eight out of the nine holes drilled.The miner posted a loss for the year of €448,319, up from €369,186 in 2012. In January the firm completed two institutional placings, raising total gross proceeds of £2.3m.The proceeds from the placing have enabled the company to initiate a drilling programme on its Target 4 copper-gold prospect, Chief Executive David Fraser said.RD