Tuesday 19 June 2018

Losses continue at Conroy Gold

Stock photo: Reuters
Stock photo: Reuters
Ellie Donnelly

Ellie Donnelly

Natural resource exploration company Conroy Gold has posted a loss of €458,222 for the six month period to 30 November 2017.

The loss before taxation has increased from a loss of €178,660 in the same period in 2016, according to the group’s financial report released today.

Net assets at the company at the end of November were €16.7m, down slightly on the same period in 2016.

During the six month period the Irish and Finland-focused company successfully concluded funding of £1m (€1.1m).

Commenting on the results, company chairman Professor Richard Conroy said that the group now had the funds necessary to accelerate the work on the Clontibret gold deposit and on the overall gold resource along the 65km gold trend that the company has discovered.

“I am pleased to announce that drilling has already commenced to define and expand the current 517,000 oz gold resource estimated on 20pc of the Clontibret gold target,” Mr Conroy said.

In the report Mr Conroy also thanked his fellow directors and the staff and consultants for their dedication and hard work over what he said had been “a difficult period” for the company.

Yesterday the company announced the discovery of "an extensive gold zone" at its 100pc owned site in Clontibret, County Monaghan.

The gold is located 30m below the historic Tullybuck antimony mine, and the news comes just two weeks after the company announced that it was to accelerate development on its Irish gold property.

A spokesperson for the company said yesterday that it was not possible to provide a specific figure on the value of the find at this time.

However Mr Conroy, described the results as "exceptional" in the context of the Clontibret deposit. Mr Conroy went on to say that the confirmation of the extensive gold zone builds significantly on what the company had previously identified.

Last year, Conroy Gold found itself embroiled in legal proceedings after Patrick O'Sullivan, a minority shareholder, 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.

Conroy Gold was successful against Mr O'Sullivan in the proceedings and costs were awarded to the company, with a stay on that order pending any appeal.

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