Member Article

Macclesfield’s Sunrise Resources report loss of £700k

Macclesfield’s Sunrise Resources, a mineral exploration company, reports losses of £700k.

The company’s year losses were less than the previous year which were £924k in 2013.

The group’s principal activities are the identification, acquisition, exploration and development of mineral projects.

The main areas of activity are Australia and the USA.

It also has projects in Ireland and Finland.

The company is not yet producing minerals and so has no income other than a small amount of bank interest.

Consequently the Sunrise Resources is not expected to report profits until it disposes of or is able to profitably develop or otherwise turn to account its exploration and development projects.

The group continues to explore at their Cue Diamond Project, which has yielded diamonds, and set up four new projects in Nevada USA.

They report that 2015 will see further progress.

Commenting on today’s results, Patrick Cheetham, Executive Chairman, said: “I am pleased to be reporting on a much higher level of activity in 2014 as well as the expansion of the Company’s project portfolio in line with our established strategy and business plan.

“This is on track and our targets for 2015 include continuing evaluation of the newly discovered kimberlites on the Cue Diamond Project and in particular to advance the Bay State and County Line projects in Nevada.

“We will enter 2015 with continued optimism.”

This was posted in Bdaily's Members' News section by Sophia Taha .