Conquest Mining Ltd (ASX:CQT) says it has had a breakthrough September quarter in moving towards becoming a mid-tier gold producer.
Conquest improved its first quarter net operating cashflows, coming in at a loss of $4.034 million.
Total operating and investing cash flows however dropped further to a loss of $22.76 million, from a loss of a $4.6 million the same time last year.
In the quarter Conquest executed a $80 million takeover of North Queensland Metals Ltd (ASX:NQM), who own a 60 per cent stake in the Pajingo gold mine in Queensland.
Conquest says it is well positioned to consolidate ownership of Pajingo by agreeing to acquire Heemskirk Consolidated Ltd’s (ASX:HSK) 40 per cent interest for $37 million.
Conquest Mining booked a loss of $3.69 million in the 2010 financial year.
