(MENAFN- ProactiveInvestors) Limited () a junior Canadian mining company with a primary focus on nickel gold cobalt and copper in Finland said work continues on permitting and completing the final feasibility study for the Kopsa gold copper project.
The Vancouver British Columbia-based company said in a statement today that it will require additional financing through debt or equity issuances “or other available means” in order to initiate and complete the feasibility study on the Kopsa gold property and for general working capital purposes.
Belvedere said it continues to monitor nickel markets and the Euro/US dollar exchange rates and it is investigating various options including a low-cost restart of operations through starting a new cut-back on the old open-pit.
“Any restart of underground operations would require substantial capital investment to put in place new underground development and would require at least 18 months lead time before production could recommence” the company said in the statement. “This option is not currently being contemplated by the Company.”
The company said net loss narrowed to EUR 852095 or EUR 0.03 per share for the third quarter ended Sept. 30 2014 from EUR 4.3 million or EUR 0.25 loss per share for the year-earlier period.
Belvedere whose Hitura nickel mine in central Finland was put into care and maintenance in June 2013 said it generated no revenue during the quarter.
Cash decreased to EUR 50538 from EUR 91412 as a result of negative cash flows generated from operations and exploration and development expenditure Belvedere said.
Long-term assets increased slightly to EUR 9.99 million from EUR 9.94 million as a consequence of exploration and development work on the company's gold properties during the quarter.
The company’s general and administrative expenses increased to EUR 231268 in the quarter from EUR 168370 last year as a consequence of an adjustment for an over-accrual of 2012 audit fees having been made last year.
Shares were trading at C$0.085 in Toronto today.
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