News

Sanatana losses grow

28 February 2006 09:51:00

Sanatana Diamonds gave back some of its recent gains as the Canada-focused explorer reported increased quarterly losses.

For the three months to 31 December the group reported a loss of $299,000, up from $190,000 in the previous quarter and $23,000 a year ago.

The nine-month loss was $629,000 against $76,000 in the six months to 31 December 2004.

At 31 December last year the company held cash of $2.9m for use in exploration programs and working capital needs.

Exploration expenditures, particularly in relation to the airborne geophysics surveys and the field exploration programs, have been in line with predictions and budgets, it said.

Sanatana holds rights to approximately 16m acres comprising the Mackenzie diamond project, after allowing rights over some 4m acres to lapse.

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