Glencar reduces losses and administrative expenses

Glencar Mining, which expects to produce gold from its Ghanaian mine by the end of 1998, has reduced its losses from £36,967 to £32,742 in the six months to the end of June. The exploration company's interim figures also show a significant reduction in administrative expenses, which dropped from £83,532 to £52,524. Glencar confirmed earlier this month that the mine at Wassa, in the western region of Ghana, can be operated profitably. Based on current plans, the Wassa project is expected to generate positive cash-flow during the first quarter of 1999 at the latest. The mine has an initial estimated life of six-and-a-half to seven years but further drilling is expected to extend this to possibly 12 years.