(MENAFN- ProactiveInvestors)Gold explorer Meadow Bay (TSE:MAY) kept exploration costs to a minimum in its year to end March due to the slow market for junior mining firms it said in final results. Capitalised exploration costs amounted to C$300333 compared to C$418869 in the same period in 2014 said the owner of the past producing Atlanta Gold mine in Nevada. Meanwhile the net loss widened a tad to C$1.56mln compared to C$1.53mln a year earlier. The firm said the mine development plan would include substantial pit expansion and capital spend to refurbish equipment. It reckons the site offers excellent exploration and development upside by drilling extensions to the known mineralisation and larger scale production than previous mining through both extending the pit and possibly underground mining. Eaarlier this month it reported positive assays from samples taken from the Silver Park area of the mine. All results were anomalous to gold and silver with half of the samples containing over half an ounce of silver per ton. The highest value received was more than 19 ounces of silver per ton contained in a 0.67 kg sample.
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