Conquest hails 'breakthrough' Q1

machinery and equipment in gold mining

Conquest Mining says its on track towards its goal of becoming a mid-tier gold producer following a narrowing of its operating net cash outflows and projected production increase. Conquest hailed its performance in the three months to September as a "breakthrough quarter".

"We are at the start of a very exciting journey with building a growth-oriented, mid-tier gold company," Conquest chief Jake Klein told reporters. "There is certainly a long way to go, but I am very confident we have taken our first few steps absolutely in the right direction." The company reported a narrowing of its net negative operating cashflow, which was a loss of $4.04 million for the three months to September 30. This compared to a $4.57 million loss in the equivalent period of 2009. Conquest's total operating and investing cash flows widen to a $22.76 million loss, compared to a $4.6 million loss in the first quarter a year earlier...