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viewMedgold Resources Corporation

Medgold more than halves losses in the third quarter

The company has narrowed losses to C$663,882 from C$1,464,831 a year ago.

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Exploration expenditure was reined in

Europe-focused gold explorer Medgold Resources Corporation (CVE:MED) more than halved its losses in the third quarter as it continued exploration on its licenses.

For the quarter ended September 30, the company made a net loss of just C$156,781 compared to a net loss of C$398,076 the year before, as exploration expenditures were reined in to C$150,852 from C$262,465 a year earlier.

It means, for the year to date, the company has narrowed losses to C$663,882 from C$1,464,831 a year ago.

The firm has gold licenses in Portugal and licenses under application in Spain and has raised C$750,000 this year in private placements.

Medgold has been using these funds for exploration expenditures and general working capital at its mines including the Lagares gold project in Portugal.

Work in 2015 has been focused on drill-testing the Castromil and Serra da Quinta prospects with joint-venture partner Centerra Gold Corp.

The firm said it is conducting soil sampling programs aiming to extend the gold anomalies out under alluvial cover

Elsewhere, at its Legares project, following the completion of the initial drilling campaign, geologists are reviewing the data. This work will be on-going through to the end of the year, the company said.

Exploration teams are also undertaking systematic geochemical and geological exploration of all of the Valongo Belt properties that are within licenses.

The company said, however, that further funding would be required over the next 12 months in order to carry out its exploration programs.

Quick facts: Medgold Resources Corporation

Price: 0.055 CAD

TSX-V:MED
Market: TSX-V
Market Cap: $7.41 m
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