NGEx Records H1 Net Loss of $13.7 Million, but Pleased with Drill Results

NGEx Resources Inc. (TSX:NGQ) announced its financial and operating results for the three and six months ended June 30, 2014, commenting that it was “very successful” in Q2, partially due to good exploration drilling results from Filo del Sol.

As quoted in the press release:

The Company’s net loss for the six months ended June 30, 2014 was $13.7 million or $0.08 per share as compared to a loss of $23.1 million or $0.14 per share for 2013. Net loss from continuing operations for the six months ended June 30, 2014 was $13.7 million or $0.08 per share compared with a net loss from continuing operations of $23.0 million or $0.14 per share for 2013. The decrease in the net loss of $9.4 million is mainly due to a decrease in exploration and project investigation expenditures of $8.3 million resulting from a reduction in drilling activity at Los Helados and Josemaria offset by costs relating to conceptual studies at these properties and the commencement of drilling at Filo del Sol. In addition, the Company recorded a write-down of certain mineral property interests during the six months ended June 30, 2013 of $1.2 million.

The company provided the following outlook:

The 2013/2014 exploration drill programs at Josemaria and Filo del Sol are now complete and all exploration data has been received. The Company plans to start work on an initial resource estimate for the Filo del Sol project and an updated resource estimate for the Josemaria project. The Filo del Sol resource estimate is expected to be completed during the fourth quarter of 2014. Finalization of the Josemaria resource estimate is dependent on the completion on the current second phase of metallurgical testwork which is anticipated in the first quarter of 2015.

The Company continues to advance the engineering studies at Los Helados to assess possible development options in addition to completing the metallurgical test work program at Josemaria. Baseline work in support of the environmental programs at both properties will progress.

Click here to read the full NGEx Resources Inc. (TSX:NGQ) press release.