LONDON (ShareCast) - (ShareCast News) - Aurum Mining's interim losses narrowed as the gold and tungsten explorer transforms into a new company focused on the "digital resilience sector".
The company has recruited a board with "knowledge of the digital environment, encompassing data security, cybercrime and cyberterrorism" as it intends to change its name to Shearwater Group.

During the period the company raised funds to contribute to any future acquisition in the digital resilience market.

The AIM-listed miner reported a loss of £62,000 for the six months ended 31 September compared to a loss of £89,000 last year.

The loss includes £34,000 to reflect the value of the company's shareholding in Plymouth Minerals which it received when it sold a majority stake in the Morille tungsten project in 2013.

The company raised £150,000 through the issue of two tranches of a convertible loan and also raised £25,000 in July and £245,000 from a share placing in October.

Chairman David Williams suggested that the company might retain a stake in its Spanish gold mining assets when it sells them.

"The company has continued to focus its efforts on its highly prospective Spanish gold portfolio however with the proposed change in the strategic direction of the company, our mining directors have been tasked with finding an elegant solution to take us out of our gold exploration prospects whilst retaining some form of carried interest. This will then enable your board to focus on activity in the more exciting area of digital resilience."

Aurum Mining said that it has "sufficient cash resources to available to continue to operational existence" and meet its financial commitments in the next 12 months.

Shares in Aurum Mining were up 1.67% to 5.47p at 1041 GMT.

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