CONROY Gold and Natural Resources will look to joint venture options to fund mining of its Co Monaghan gold discovery.
The explorer hopes to bring up over 15 million ounces of gold along a 30-mile trend stretching over counties Cavan, Monaghan and Armagh.
"We're probably looking to raise €60m to mine the first 20 per cent of Clontibret," said chairman Richard Conroy. The Monaghan target would be the project's pilot mine.
"We could be looking at further very substantial fundraising for the rest. One reason to start with Clontibret is to get a cash flow going."
Conroy believes Clontibret alone could yield up to 600,000 gold ounces. "We'll be mining over 50,000 ounces of gold per year," he said At current gold prices that's over €700m in the 11-year estimated life of the mine.
Conroy points to the recent team-up of penny stocker Cluff Gold and Samsung, with the Korean giant's engineering arm providing €15m funding in return for a discount on gold produced from a Burkina Faso mine.
Conroy Gold's share price hovered flatly around €1.45 on Friday, halved since the start of 2012 with little boost from recent promising news.