Irish firm Glencar Mining, the AIM and IEX listed company with gold exploration interests in Africa, has announced profits of over $1.2 million for 2008.
The company said substantial progress was made last year in developing its Komana Project in southern Mali.
In March this year, the company signed a deal with gold producer Gold Fields which will see it receive up to $40 million in exploration funding for the Komana Project.
Announcing the results, the company said administration and overhead costs were marginally lower in 2008 than in 2007 but that it had uffered a significant exchange loss arising from the decline in the value of Sterling against the US Dollar.
Looses at the company were put at $579,992.
The company said the deal with Gold Fields represented a “major step in advancing Glencar's prospects and securing an exciting period of exploration ahead.”