Mine developer Alexander Nubia (CVE:AAN) continues to believe that exploration potential exists in its large and highly prospective Egyptian land package.
In what is a frustrating time for junior miners, the company has been heartened by the continued improvement in the political and investment climate in Egypt.
Despite the tough conditions, the company has managed to publish an initial inferred mineral resource estimate at its Abu Marawat deposit and has had positive initial drilling and trenching results at the Hamama deposit, plus positive sampling results at the Bohlog and Sir Bakis prospect, and has identified a 40km gold-copper mineralised trend within the Abu Marawat concession.
The pre-revenue company's third quarter loss of C$331,146 was almost half the previous quarter's loss of C$639,122 and was also narrower than the loss of C$410,130 in the third quarter of last year.
The narrowing of the loss from a year earlier was largely down to lower foreign exchange expenses – C$11,6012 this round versus C$41,800 the year before – and lower share-based payments (C$8,063 versus C$81.468).
During the third quarter the company raised C$1.05mln by placing shares and also issue shares to settle debts and accounts payable of C$784,928.
Subsequent to the end of the reporting period, on October 23, Alexander Massoud was removed as the company’s president and chief executive officer, while the company raised a further C$150,000 through the placement of shares at 8 cents a pop.