01/09/2008 - 12:09

Fox records $28.4m loss

01/09/2008 - 12:09

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Fox Resources said today it remains optimistic despite announcing a $28.4 million full year loss, which was heavily affected by non-cash write downs from its suspended Radio Hill operations.

Fox Resources said today it remains optimistic despite announcing a $28.4 million full year loss, which was heavily affected by non-cash write downs from its suspended Radio Hill operations.

The total loss consists of $21.36 million from non cash items and total exploration expenditure of $7.4 million.

Newly appointed Fox Resources managing director, Mr Bruno Seneque, said that having taken the necessary decision to suspend operations at Radio Hill, a review of the carrying value of the company's assets was appropriate.

"This full year result is a turning point for Fox as we move to maximise the value of our outstanding asset base in the Pilbara, through Mt Oscar and the base metals business," Mr Seneque said.

Fox says it's focused on developing the Mt Oscar Iron Ore Project, where a substantial iron ore development opportunity has been presented.

"2009 is full of promise for Fox on both the iron ore and base metals fronts and having undertaken these write downs necessary to arrive at a clean slate, Fox is now in a much stronger position to progress forward in the future," Mr Seneque said.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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