Gold miner Ascot Mining said proceeds from production at its Chassoul mine in Costa Rica continue to be reinvested to improve operational reliability there.

The mill is now working satisfactorily and has been running without interruption, the firm told investors, as it unveiled results for the six months to March 31.

Continued increases in the processing of newly mined ore and improvements in operations have, however, resulted in modest production figures, it said.

For the six months to March 31 this year, revenues were £346,599 compared to £65,753 in the same period last year.

The loss before tax decreased to £543,851 compared to a loss of £1.06mln in 2011.

Highlights during the period, said the firm, included around £1,130,709, which was raised in equity funding and an exploration plan had been started.

Source: Proactive Investors