Metals exploration company Tiberon Minerals Ltd reported on April 5 a slight reduction of its full-year loss for 2004 toUS$2.3 million from US$2.6 million in 2003. The net loss for the year was five cents a share, compared with a loss of seven cents a share in the previous year, said the Toronto-based producer of tungsten, fluorspar, copper, gold and bismuth.
“Overall, 2004 was a strategically very important and positive year for your company, and this momentum has continued into 2005,” CEO Mario Caron said in a release, noting development of the Nui Phao tungsten/fluorspar deposit in Vietnam.
During the year, Tiberon spent US$4.6 million on development and exploration properties, compared with US$2.5 million in 2003. The increase in mining exploration costs primarily resulted from an expansion of activities to advance the Nui Phao project which contains 53 million tonnes of proven and probable reserves.
The company also reported that it ended 2004 with working capital of US$5.1 million, versus US$2 million at the end of 2003. The increase in liquidity is primarily due to the private placement in March 2004 that generated gross proceeds of US$11.7 million.