Exploration company Minco has reported a pretax loss of $378,000 for the six months to the end of June, compared with a loss of $431,000 for the same period in 2007.
The company which has drilled 29,000 meters at the Pallas Green prospect in Co Limerick with its partners, said at the end of the second quarter its cash reserves stood at $6.6 million, up from $2.4 million at the end of 2007.
The company said 68 drill holes have been completed in the Pallas Green project as part of a 50,000 metres drilling programme for the year.
Minco said 15 rigs were working at the site in what it said was the largest drilling exploration programme in the State over the last 50 years.
A preliminary company estimate of the resource potential of the Tobermalug deposit in Pallas Green suggests a size of 10 million tonnes averaging 10 per cent zinc and 1.5 per cent lead.
Minco also reported that it had spun-out and floated its Mexican assets in a new company called Xtierra which was floated on the TSXV exchange in Toronto.
The company added it had paid $5 million for the remaining 25 per cent state in the Bilbao silver, zinc, lead and copper prospect.
Minco also confirmed the appointment of John Kearney as executive chairman and Terence McKillen as chief executive.
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