Glencar announces losses

Exploration firm Glencar Mining has announced a loss of $781,312 (€616,700) for the six months to the end of June, up from $229,198 (€180,900) the same time last year.

The loss also includes the cost of the issue of share options to directors and others under the company's share option scheme.

During the first half of the year Glencar completed a private placing of over 18 million new shares, which raised $2.19m (€2.3m) for the company.

Elsewhere the company describes its exploration wells in Mali as entering a "very exciting phase" and are about to embark on a sustained drilling campaign there designed to permit the calculation of a mineral resource estimate.

Diamond and reverse circulation drilling is to due to start at Komana West in October with the aim of providing sufficient data to work out a mineral resource by the middle of next year.