Glencar Mining announce loss in profits

Exploration company Glencar Mining have announced a loss of $339,198 (€282,413) for the first six months of this year.

Commenting on the results chief executive Hugh McCullough said: "The gold price is currently close to an 18 year high and there are no signs that it will decline significantly in the short to medium term.

"Glencar has some very exciting gold exploration acreage at Sankarani in Mali and also at Asheba in Ghana. The proposed joint venture with Gold Fields on some of the licences in the Sankarani project will involve significant expenditures on exploration within a relatively tight timeframe.

"We have great confidence in our joint ability, assuming completion of the agreement with Gold Fields, to fully determine the potential of this exciting area.”