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Johannesburg - Platinum exploration firm Anooraq
Resources (ARQ) on Monday reported the narrowing of its first half net loss
to C$7.3m from C$9.2m a year ago.
The company said the decreased loss for the six months to end June 2009
resulted primarily from a lower share-based compensation charge of C$1.9m as compared to C$5.2m in the previous six months due to fewer
share options issued and the impact of the repricing approved at the
shareholders meeting on June 15, 2009.
Exploration expenses decreased to C$28 542 in the first six months of
the year from C$110 350 for the same period last year.
These costs are primarily due to payments related to preserving the
prospecting rights and meeting joint venture costs on the Ga-Phasha Project
as no significant costs were incurred on PGM exploration activities.
- I-Net Bridge