Wellington, Nov 27 NZPA - Minerals exploration company Heritage Gold reported an after tax half year loss from ordinary activities of $306,000.

Revenue from ordinary activities for the six months to the end of September fell to $14,100 from $257,000 a year earlier, the company said today.

Its activities had been affected by the global economic downturn and capitalised exploration expenditure decreased from the previous year.

During the half year $192,000 was spent developing tenements, compared to $1.47 million the previous year.

Capitalised expenditure of $140,932 was written off.

At the end of the balance period, Heritage Gold had a cash balance of $404,600.

The company said it continued to develop its prospects and was reviewing mineral investment opportunities in Australia and other favourable countries.