Heritage Gold narrows loss, mulls more gold opportunities

Tuesday 30th November 2010

Heritage Gold NZ, the minerals prospector helping float Broken Hill Prospecting on the ASX, narrowed its first-half loss and is eyeing up more opportunities to chase gold.

The dual-listed company made a loss of $242,000, or 0.07 cents a share, in the six months ended September 30 compared to a loss of $306,000, or 0.11 cents, a year earlier, Heritage said in a statement. Revenue almost tripled to $41,000 as it continues to expand its gold exploration in the Coromandel Peninsula.

Gold prices have surged 24%this year to reach US$1,363.64 an ounce this year as volatile financial markets have encouraged investors to flock to the relative safety of precious metals. Heritage is still looking for a joint venture partner for its Talisman project in the Coromandel, and has planned a seismic survey for the Golden Valley in the same area.

"With the strengthening gold price, the board is reviewing mineral investment opportunities in PNG (Papua New Guinea) and elsewhere in the South Pacific," executive director Peter Atkinson said.

The company won’t pay a dividend, and its shares were unchanged at 2.8 cents in trading on the NZX today.

BusinessDesk.co.nz

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