LONDON (ShareCast) - West and Central Africa-focused gold miner Goldstone Resources said it will need more funding for its Gabon projects despite reducing half year losses, hitting its shares.

Goldstone reported encouraging drilling results at its Oyem and Ngoutou licences in Gabon, which it said both have potential for significant gold mineralisation.

The group is also due to receive a 1% royalty on any iron ore produced by Ferrex, with whom it has a co-existence agreement allowing Ferrex to explore for ore in the southern part of Oyem. Drilling results are due early next year.

But Goldstone added: "Further funding will be required to significantly advance the Gabonese projects in 2014." Shares fell 0.12p to 1.22p at 10:37 in London.

Goldstone's pre-tax losses for the six months to August 31st fell to $705,550 from $4,454,682 a year ago.

The group is also trying to commercialise a gold asset at Homase and Akrokerri in Ghana, but it added that difficult conditions in the gold and equity markets were holding it back and it could not guarantee a positive outcome.

"Discussions with various interested parties are ongoing," it said.

PW

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