Sunday 25 September 2016

Connemara Mining losses narrow to €88,000

Published 15/09/2015 | 07:21

John Teeling, chairman of Connemara Mining
John Teeling, chairman of Connemara Mining

Irish exploration firm Connemara Mining has reduced its losses to €88,000 in the six month period to the end of June.

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This compared to a loss of €140,000 during the same period last year, and a full year loss of €308,000 in 2014.

Losses per share fell from 0.39 cents in June 2014 to 0.16 cents.

Connemara is an exploration firm with principal assets in zinc/lead exploration licences as well as shear-hosted gold exploration licences in Ireland.

Chairman John Teeling said: The company is funded for all its current activities and expenditure for the next year or so.  As explorers we remain hopeful that one or more of our activities will yield positive results.”

The company’s activities include work on an exploration programme on a licence block on the Inishowen peninsula in Donegal.

The firm also has a gold licences is in the Wicklow/Wexford area where the business has a joint venture with a private Canadian company, Hendricks, where they must spend €1m to earn 75pc.  Mr Teeling said: “They have not yet spent enough to earn this interest.  Hendricks has adjacent ground and has conducted exploration over the entire licence area, theirs and ours, which have identified drill targets, some on our ground.”

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