Papua New Guinea focused gold and copper explorer Papua Mining posted a full year profit compared to a loss the previous year following an exceptional credit.
The group reported an operating profit of $55,589 for the year ended December 31 due to an exceptional credit, compared to a loss of £213,000 in 2010.
Papua Mining, which has three exploration licences in Papua New Guinea, said it is positive about its prospects for drilling success.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Chief executive officer Hugh McCullough said, "Our licence holdings make Papua Mining one of the more prominent explorers in the region. We are operating in a highly prospective area with a strong team of professional geologists and technicians with proven track records."
"We have carried out an intensive exploration programme over the past 12 months, the results of which have confirmed management's confidence in the targets already identified and several promising new targets have also emerged."
The company has also applied for a further 11 licences, many of which are at an advanced stage of the application and issue process. If all licence applications are granted, the group will hold a total licence area of some 4,350 square kilometres, it explained in a company statement.
Papua Mining's drilling programme due to start in the fourth quarter of 2012.
CJ
-
Cash in on the growth prospects of Europe's companiesOpinion Marcel Stötzel, co-portfolio manager of the Fidelity European Trust, selects three stocks
-
Is the AI boom another dotcom bubble?25 years on from the dotcom bubble bursting, is it time for investors to consider the sustainability of the AI boom in the stock market?
