Mano River Resources Q1 net loss widens as expenses rise

LONDON (Thomson Financial) - Mano River Resources Inc reported a wider net loss for the first quarter to April 30, as expenses increased and interest income fell from the same period last year.

The company, which is in the development stage, said its net loss was 277,433 usd, compared with a loss of 134,324 usd in Q1 2006, while interest income fell to 7,772 usd from 18,134 usd due to a decrease in cash balances.

Its general and administrative expenses increased to 285,205 usd from 152,458 usd, due to a stock-based compensation expense and additional management fees.

The company said discussions are continuing with several possible industry partners regarding the development of the New Liberty Gold Mine project in Liberia, and with banks for providing the construction loans on the project.

Its five joint venture programmes are all progressing well, particularly at the Kono diamond project in Sierra Leone, the company added.

Mano River Resources Q1 net loss widens as expenses rise - Forbes.com