Thursday 27 October 2016

Connemara Mining reports loss of more than €300,000 for 2014

Published 03/06/2015 | 07:40

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

Connemara Mining has reported losses of just over €300,000 for the 12 months to the end of 2014.

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The full year loss of €308,292 compared to a full year loss of just under €350,000 the year before.

Losses per share fell slightly, from 1.06 cent to 0.74 cent.

The company's chairman and founder, serial entrepreneur John Teeling, acknowledged the "appalling" stock market environment for exploration firms. However, he added that Connemara has been "active in the period under review and during the first part of 2015".

The company's activities last year included consolidating a potentially lucrative licence position on gold in the Donegal region and adding a zinc licence near the former Galmoy zinc mine.

Despite the loss Mr Teeling was upbeat about Connemara Mining's future.

He said: "Are there straws in the wind suggesting that the long term recession in junior mining shares may be ending?  Recent months has seen a pickup in volume on AIM in resource stocks, there is more M&A activity, world economies are growing and the media is more positive toward metal price trends particularly relating to base metal prices.

"We are financially secure.  The funds raised in 2014 are adequate for current plans and operations. 

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