Herencia Resources widened its first half losses to 1.59m pounds from last year's 1.3m pounds as the Chilean miner made no revenues as it moved towards starting production at the Patricia deposit.
The company completed a feasibility study on Patricia, which revealed a 3.75m tonne operation with 3.2% zinc, 78 grams per tonne silver and 1.2% lead to be mined over eight years.
Open pit mining is expected to start with a Run of Mine (ROM) production rate of 400,000 tonnes per annum (tpa) with throughput increasing to 460,000 tpa.
The group is targeting first mine production in 2015 subject to board and joint venture (JV) approvals.
During the first six months, the miner also struck an earn-in deal with OZ Minerals for its Guamanga copper-gold project.
Australian copper-focused miner OZ Minerals will pay $3m over 20 months for a 51% stake in the project and a further $5m over another 24 months in exchange for a 80% holding.
Thereafter, Herencia will have the option to sell a further 10% for $5m, leaving it with a 10% stake.
"In summary, Herencia has successfully progressed the Paguanta Project along the development pipeline and has also demonstrated the potential to extend the proposed mine life through resource expansion," said Chairman John Moore.
"Herencia has also been proactive in seeking opportunities to deliver shareholder value through the advancement of the Guamanga Project via a potential JV agreement with OZ Minerals, and entering into an option agreement to acquire 100% of the exciting Picachos copper project."
Mobile commerce company Zamano reported a 4.7 per cent drop in half year revenues, which were largely due to problems in the US, it said Thursday.
Pre-tax profits saw modest growth, from €0.95m to €0.98, helped by lower total administration expenses and sales costs. Revenues declined from €9.46m to €9.02m, after it met with "a number of issues" relating to the sale of Mblox in the US, which meant it was no longer able to advertise its new subscription service offering, which had a "severe impact" on US revenues since mid-March.
In Ireland, sales plunged 41.6% as a result of a new code of practice which distorted its subscription revenues during the first half of last year.
The situation was considerably better in the UK, where sales rose 33.3% on the same period last year, resulting in a gross profit contribution of €1.64m, up 9.2% on 2012. However, the increase in gross profits did not match the increase in sales as Zamano invested heavily in advertising to acquire new subscribers which affected the outturn at gross margin level.
Looking ahead, the group believes the proposed launch in three new markets in the coming months will "significantly enhance the sales contribution from new markets and, in time, reduce our sales dependency on the UK and Ireland".
It continued: "During the first half of the year, Zamano improved its operating performance over the same period in 2012. While revenues declined marginally compared to the first half of 2012, EBITDA [earnings before interest, tax, depreciation and amortisation] and operating profits increased and the group's improved balance sheet position gives us a platform to grow and diversify the business during the second half of 2013 and beyond."
In terms of the full year, the group said that while it is "fully aware of the many issues and challenges confronting the business on an on-going basis", it nevertheless anticipates "a satisfactory trading outturn" for the 12-month period.