StockMarketWire.com - Mining company Phoenix Copper posted a first-half loss as it continued to develop is Empire mine in Idaho.

Pre-tax losses for the six months through June amounted to $0.20 million, compared to year-on-year losses of $0.57 million.

During the reporting period, an open pit feasibility model was completed for Empire.

A plan of operations was filed with the regulatory authorities for construction and operation of the open pit.

Drilling programmes were underway at Red Star, Navarre Creek and the historically mined high grade Empire underground sulphide copper deposit.

'As a result of the March financing, your company has a strong balance sheet with sufficient cash to cover ambitious exploration programmes for this year and next, as well as anticipated operational and corporate costs into 2023, by which time we expect to be in production from the initial open pit mine,' chairman Marcus Edwards-Jones said.

'As a result we are not planning any new equity issues for cash as we look to finance the construction of the mine from debt or debt-related instruments.'




Story provided by StockMarketWire.com