Savannah Resources reports rapid progress in first half

12th Sep 2014 12:51

AIM-listed Savannah Resources on Friday reported "rapid progress" during the first half of the year and said it has a solid cash position. The group generated a pre-tax loss of £0.92m compared to £0.26m in the same period in 2013.Admin expenses increased from £0.26m to £0.63m, principally attributable to movements in the valuation of derivatives.Since the period-end, the group has completed the acquisitions of interests in blocks five and six on the Sultanate of Oman copper project.Chief executive David Archer said: "Savannah continues to distinguish itself within the junior exploration arena by a high level of activity. Our acquisition of two highly prospective copper projects in Oman marked a transformational move into a highly prospective copper producing region. We intend to leverage our in-country advantage to ultimately become a mid-sized copper producer."Savannah explained that its exploration programme was aimed at unlocking the resource potential of the project and is planning to start drilling block five later in the year."In addition, our on-going exploration at our Jangamo heavy mineral sands project in a world-class province in Mozambique highlights the project's potential to host a moderate to high grade commercial deposit as we remain on track to delineate a maiden resource by the end of 2014," Archer added.