Connemara cuts losses in half
CONNEMARA Mining, the Irish AIM-listed company looking for zinc in Limerick, has halved its operating losses and will seek fresh funds to boost exploration.
Connemara said yesterday that operating losses narrowed to €283,271 in 2009 from €504,253 the previous year.
The John Teeling-led company is looking for zinc at Stonepark together with Canadian partner Teck Cominco.
Connemara expects that two rigs drilling Stonepark will continue during 2010 and 2011 at an estimated cost of £500,000 (€605,000) a year to Connemara and three times that to Teck Cominco.
"The potential in Stonepark is excellent and results continue to be very good," said chairman John Teeling. "The timing of this discovery is ideal as zinc demand is growing and supply is, at best, flat."
Connemara will now look for fresh funds from shareholders to help pay for the exploration.
The company was floated on London's AIM market in July 2007 and has 22 zinc and one gold exploration licences, many of which are close to the main zinc find at Pallas Green in Limerick. Connemara and Teck Cominco are exploring 15 of these licences together.