Sunrise widens losses in 2011

AIM-listed miner Sunrise Resources fell further into the red in 2011 after drilling at its Canadian gold mine disappointed.

The firm widened pre-tax losses of to £540,158 in the year to the end of September, from £214,830 the year before.

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Sunrise said it would not pay a dividend in light if the results.

Shares in the company have fallen 51% in the last year, largely due to disappointing results from a second drill programme at its Long Lake Gold Project in Canada.

Executive chairman Patrick Cheetham said the firm's woes had been compounded by sharp decline in investor interest in junior mining stocks during 2011 as the sovereign debt crisis continued to build.

"In this environment the positive project and market developments at [ the firm's barite mine in] Derryginagh have not received the market attention I would like," he said.

"But I am nevertheless encouraged by results to date and in 2012 we expect feasibility studies to commence at Derryginagh and also for work to start at our exciting diamond prospect in Australia."

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