Tuesday 23 October 2018

Losses continue at Conroy Gold

Stock photo: Reuters
Stock photo: Reuters
Ellie Donnelly

Ellie Donnelly

Troubled gold exploration and development company Conroy Gold has posted a loss of €431,922 for its financial year ending 31 May 2017.

The loss has increased from a loss of €292,165 in the previous year.

Net assets at the company are €16.8m, down from €17.1m in 2016.

During the year the company’s Clontibret project had an updated mineral resource estimate to JORC standard showing a 26pc increase of indicated resource grade and a 23pc increase in gold in the indicated category.

Work also continued at the company’s other exploitation properties.

"I am very pleased that during the course of the year the company has continued to make significant progress with its exploration and development programme. I look forward to this continuing into 2018 as the company moves forward with its plans to develop a mine at Clontibret and targets a multi-million ounce gold resource," Professor Richard Conroy, chairman of Conroy Gold, said.

In announcing the results the company said that the group’s directors and former directors, namely James P. Jones, Séamus P. FitzPatrick, C. David Wathen, Louis J. Maguire, Dr. S Conroy and Michael E. Power, had confirmed that they will not seek repayment of amounts owed to them by the group and the company of €2.2m for at least 12 months unless the company has sufficient funds to repay them.

Earlier this year the company had success in the High Court after Patrick O’Sullivan, a minority shareholder in the company, claimed that he and his two nominees had been wrongfully stopped from becoming members of the board of directors at the company’s EGM in August.

The Judge found that Mr O’Sullivan did not comply with the notification requirements under the company’s Articles of Association in advance of the EGM.

At said EGM, which was convened at the behest of Mr O’Sullivan, six of the nine Conroy Gold were removed from their position.

Dr Karl Keegan and Brendan McMorrow have since been appointed to the board.

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