IN BRIEF: Meridian Mining loss widens; discovers gold at Alamo

Meridian Mining PLC - London-based company focused on the Cabacal gold-copper project in Brazil - Reports a pretax loss of $6.3 million for the three months ended March 31, widened from $3.1 million a year prior. Operating expenses rise 15% to $5.0 million from $3.1 million and finance expenses grow to $1.4 million from $44,667 as foreign exchange losses increase to $1.6 million from $117,297. Also reports the discovery of gold and base metal mineralisation at Alamo. Says the exploration discovery hole CD-852 intersected 3.5 metres at 2.4 grams per tonne gold, 0.5% copper, 9.5 grams per tonne silver and 0.7% zinc from 108.9 metres.

‘The discovery of gold at Alamo is a tremendous result from one of our many exploration targets. The discovery hole, CD-852, is located on the western sector of the Alamo prospect and structurally overprints the mine sequence stratigraphy. The development of gold-dominant intersections is an element we see at the Cabaçal deposit to the northwest. If Alamo’s success continues, it can only strengthen the potential of realising a second operational hub at the adjacent deposit of Santa Helena Central,’ says Chief Executive Gilbert Clark.

Current stock price: 114.05 pence, down 0.4% on Friday in London

12-month change: up 20%

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