Business

Tuesday 23 September 2014

Losses widen to more than €500,000 at Conroy

Published 30/11/2012 | 12:17

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CONROY Gold and Natural Resources said after tax losses widened to €533,262 for the year to the end of May.

The losses compare to after tax losses of €427,970 the previous year.

The company, which is looking for gold along a 30-mile stretch of land in Cavan, Monaghan and Armagh, said a series of ''significant'' gold targets have been discovered, ranging from Co Armagh to Clontibret and Glenish in Co Monaghan and the Slieve Glah target in Co Cavan. The amount of gold in Clontibret could be around 600,000 ounces, it added.

Conroy’s in-house studies suggest that the total gold potential in the Longford-Down Massif could lie in the 15 million to 20 million ounce range, the company added.

“We have established that a gold mine is viable [in Clontibret] and we are now working towards bringing it into production,” Conroy chairman Richard Conroy said.''We continue working on the pre-feasibility study at Clontibret where we have an economic mine project, which also continuing to assess additional targets along the 30-mile gold trend discovered by and which Conroy now has under licence,'' he added.

The company is also looking for gold in the Clay Lake area in Armagh where a 30g nugget with a gold content of 28g was found in the 1980s. It is now in the Ulster Museum

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