Red Leopard warns of likelihood of further costs related to Idora Tunnel

26th Jun 2015 15:21

AIM-listed Red Leopard said on Friday that there were likely to be further costs associated with the Idora Tunnel in Idaho.The company has been clearing the rock falls and debris at the entrance to the Idora Mine portal, before discovering more rock falls further into the tunnel, which currently hinder access to the ore body and any sampling thereof."Due to the health and safety complexities, there are likely to be additional costs which were not originally budgeted for," the group said."The onset of winter and heavy snow curtailed progress in the early part of the year but, subject to additional funding being procured, the company plans to recommence the clearance of the tunnel and remains committed to completing this project in a timely manner."The update was given in its full year results, which showed losses of £0.17m, a reduction on the prior year's loss of £0.4m.At the year-end, cash totalled £9,471, compared to £0.1m a year earlier.The share price was 16.67% lower at 0.25p at of 14:39 of Friday.