Diamond exploration firm Karelian has said it made significant progress over the year as it reported successful drilling. It reported a loss after tax of €187,261 for the year ended May 31st, 2011, in line with expectations. That compares with a loss of €173,081 for 2010.

“The excellent results from this season’s drilling programme in Finland are encouraging,” chairman Prof Richard Conroy said. “Our objective remains to make a major diamond discovery in Finland comparable to the world-class discoveries made on the Russian side of the structure.”