Copper, gold and silver company Vane Minerals has risen this morning after announcing positive digging results in New Mexico.
Revenues for the full year came in at £3.68m, just ahead of the consensus forecast of £3.44m and significantly up on the £2.56m generated during 2010.
Losses after tax came in at £1.6m, better than the £2.1m seen in 2010.
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
The company has conducted extensive exploration work in southern USA, while continuing to generate cash from gold and silver production assets in Mexico.
The big news is that drilling at Vane's McGhee Peak site, close to the border between New Mexico and Arizona, has found a "clearly identified copper-molybdenum porphyry system". The firm failed, however, at separate explorations at Yuma King and Granite Gap.
At 10:08 Vane shares had risen 2.5%.
BS
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
