Sunday 20 April 2014

Substantial boost for Conroy as Monaghan mine found to contain purer gold worth €16m extra

Professor Richard Conroy, chairman and Ms Maureen TA Jones managing director Conroy Gold

CONROY Gold moved another step closer to achieving its plan for a €60m gold mine at Clontibret in Co Monaghan today after rocks at the mine were found to have more gold than expected.

Conroy, which is publicly quoted in London, has already reported good results from metallurgical tests. Today, it said that the attractiveness of its Clontibret gold project had been boosted “substantially” by better than expected metallurgical results. This means the value of gold in the mine is €70m rather than the €54m previously thought.

Gold recoveries from the flotation test were 90pc, a figure higher than assumed in an earlier project.

The metallurgical test work, which was carried out by Goldfields, also indicated a much lower sulphur content in the concentrate than assumed, something that will reduce process operating costs, Conroy said.

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