Minco year loss narrows by 46%

Minco PLC posted a 46% narrowing in full year losses and said its Pallasgreen area of Limerick in South West Ireland is one of the most exciting zinc prospects in the world.

The FTSE AIM listed zinc and gold exploration company added that its own finances are adequate to fund the current drilling programme.

The comments came as it posted a pretax loss for the year to April 30 of €106,748 against loss €229,110.

Operating loss was €113,590 against loss €243,205, with a loss per share of 0.30 cents against loss 0.65.

The firm’s current focus is on zinc where it has a world-class prospect in the Pallasgreen area of Limerick. Company chairman John Teeling said, “We believe that the current drilling programme is zeroing in on what we hope will be a large orebody. Nothing is certain in exploration but the indications to date are very encouraging.”