Kagara shares lift on exploration update

Company News

Shares Kagara Limited (ASX:KZL) lifted to one of the best performers in the top 200 yesterday after the mineral explorer released its North Queensland exploration update.

Kagara says strong drilling results support its plans to ramp up a $50 million exploration drive to sustain an increase in long-term production.

Kagara believes its focus on exploration reflects its confidence and commitment to the North Queensland region as a core focus for its operations and projects in the future. 

Managing director, Geoff Day, said in May this year company has “completely flatlined” and launched a five year growth strategy in September.

Shares in Kagara lifted 6.15 per cent yesterday, closing at $0.345.

In the 2011 financial year Kagara reported a net loss of $32.983 million.