StockMarketWire.com - Landore Resources posts an after tax loss of GBP1,535,279 for the year to the end of December (2014: GBP5,733,760).

Landore said operating expenses are in line with expectations and significant savings were made in respect of administrative expenses.

In November, the group raised gross proceeds of approximately GBP664,320 (C$1.325 million) through a subscription of 1,110,720,000 new ordinary shares at 0.6p apiece.

In recognition of the outstanding support from shareholders in the challenging environment for mining companies and the need to utilise available funds to increase asset value through operations, the directors agreed, with effect from 1 July 2015 to reduce their overall remuneration from GBP270,000 pa to GBP137,500 pa.

In addition, payment of these fees has been deferred with the exception of GBP40,000pa of operational charges.

The group has no debt and will continue to raise further equity as needed to carry out its development plans. Shareholders have been very supportive of the Group's financing needs and the Directors are confident of raising further funds as required.





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