Source - SMW
Georgian Mining Corporation's losses rose to £5,645,734 in the year to the end of December - up from £653,854 in 2015.

GEO said the loss was in line with its budget and included a one-off charge of £3,937,375 for the impairment of the company's Austrian projects.

Managing director Greg Kuenzel said, "2016 was a year which saw us achieve many major milestones.  

"We have now developed a clear three-phase strategy to reach our ultimate exploration target of a 50Mt copper-gold deposit and recent drill results from KB continue to demonstrate the strong potential for this expansive project to represent a large copper/gold epithermal deposit.  

"Having already achieved phase one of our strategy to deliver a minimum of 1-2 Mt, our focus for 2017 is to report a 3-5 Mt copper and gold resource and to commence low cost production to be processed at our JV partner's neighbouring operations.  

"Following a recently oversubscribed placing we are fully funded to achieve our resource target via additional drilling and we are looking forward to updating shareholders on what we believe is going to be a really exciting year during which we hope to establish ourselves as a prominent Tethyan Belt play."

At 9:32am: (LON:GEO) Georgian Mining Corporation Ord Npv Di share price was -0.13p at 18p