Exploration company Ovoca Resources is hoping the rising gold price can benefit the company in the year ahead.

Announcing its profit and loss account for the six months to August 31st, Ovoca chairman Mr Paul Smithwick said it was an opportune time for the company.

"I am looking forward with enthusiasm to Ovoca's planned work on our gold projects in Sweden and other opportunities that may become available."

He reminded shareholders that fellow exploration company MinMet owned 22.5 per cent of the enlarged share capital of Ovoca.

He said gold was above $400 (€319) an ounce.

He was speaking after Ovoca results were released, which show it posted a pre-tax loss of €138,974, compared to a pre-tax loss of €57,607 in the previous six months. This translated into an undiluted loss per share of 37 cent. No dividend is being recommended.

Mr Smithwick said the company would shortly be carrying out surveys on two new gold licencing areas in Sweden with follow up drilling due over the next few months.

He said the first area was known as Klippen and the second licence area was known as the Krokliden project. He said Krokliden was expected to be in production early next year.

He also offered condolences to the family of the late managing director of Ovoca, Frank Buckley.

"Frank was an honest and dedicated man in both his work and in relation to his family and he is sadly missed," he said.

He said Ovoca was following up its optimum energy project and would retain its zinc licences in Newcastle West, Co Limerick.