Business Irish

Tuesday 20 March 2018

Hugh Gibney


A NUGGET found in the river valley at Avoca, Co Wicklow, in 1796 sparked a full-on gold-rush. However, the legendary rich bedrock source of the gold has never been discovered. Will Dragon Oil founder Hugh Gibney's freshly listed company now strike gold in them thar Wicklow hills?

Gibney first worked in North Saskatchewan for a Canadian mining interest and later led a company exploring for gold in Nova Scotia and British Columbia. He has also worked on mining projects in Sierra Leone and Chile.

In the Eighties, he brought mining giants Inco and Cominco to the Irish exploration industry. He was also a founding member of Oliver Prospecting, which became Dragon Oil.

This month IMC Exploration Group, where Gibney is executive chairman, launched on to the Plus exchange in London. With market capitalisation of some €6.1m, the Irish gold and zinc explorer is managed by the same team behind Teknomining, which floated well last year.

IMC has rights to three licences for gold exploration in the Wicklow/Wexford area close to the ancient Avoca copper and gold mines, where exploration dates back to the Bronze Age, and to the Gold Mines river, the scene of the 1796 goldrush. It also has licences for base metal exploration in the Shannon region. Drilling is about to begin on a prospect at Tulla, Co Clare.

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