Wellington, May 30 NZPA - Waihi gold miner Heritage Gold saw its annual net loss widen by 11 percent to $964,000, although it had plenty of cash on hand.

For the year ended March 31, revenue from ordinary activities rose 9 percent to $116,270, while the value of the company's land rose to $8.1 million from $6.6 million.

At the end of the period, Heritage Gold had a cash balance of $3.2m, and had raised over $4.4m from warrant and option conversions, share placements and a pro-rata rights issue to fund work programmes last year and this financial year.

The company spent $1.6m last year compared with $750,818 a year earlier.

Heritage Gold invested a further $157,000 in its 33-percent owned Broken Hill Cobalt in Australia to fund a planned initial public offering, which was been delayed until conditions improve.

Shares in Heritage Gold, which is not paying a dividend, were down 0.3c at 3.5c.

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