Agricola losses rise after 'frustrating year'

Pre-tax losses at Agricola Resources rose to £217,887 in the year to the end of December - up from £203,669 last time. Operating losses increased to £207,818 from £203,089. Chairman C Sinclair-Poultons said: "2011 proved a frustrating year for both the company and shareholders because of the delays with the Kazakh negotiations. "The company has tried to keep shareholders, regulators and the markets informed of developments but this has been difficult as events have evolved not just with the possible Kazakh transaction but also with the natural resource and financial markets. "In addition, as recently announced, the very early stage Moroccan assets have been relinquished as they had only a very long term potential and we believe there may be better value elsewhere. "The company still believes there is merit in pursuing the Kazakh transaction but, because of the delays, has looked at various projects. "A number of these look promising and the company believes that there will be opportunities to develop and enhance in the future." At 9:50am: (LON:AGRI) share price was -0.46p at 48.15p Story provided by StockMarketWire.com