Oracle Q4 net loss unchanged in Q1 at $2.2m
JOHANNESBURG (miningweekly.com) – Dual-listed Oracle Mining Corp maintained a $2.2-million net loss for the quarter ended March 31, having reported the same result for the three months ended March 31, 2014.
The Vancouver, Canada-based corporation explained on Friday that the net loss for the period under review included a decrease of $0.4-million in general and administrative costs that were offset by an increase of $0.3-million in foreign exchange loss and a $0.1-million increase in interest expense.
The company’s net working capital as at March 31, 2015 was a deficiency of $6.5-million compared with a deficiency of $4.8-million on December 31, 2014.
Cash and cash equivalents at the end of the quarter were $1.7-million compared with $3.2-million in the fourth quarter of 2014.
Oracle was currently the sole owner and operator of Oracle Ridge Mining and the Oracle Ridge copper project, 24 km north-east of Tucson, Arizona.
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