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(Alliance News) - Conroy Gold & Natural Resources PLC said Friday its annual loss narrowed as it started to move from exploration to mining development.
For the year to the end of May, the gold explorer posted a pretax loss of EUR557,573, narrowed from EUR745,485 the year before, mainly due to lower exploration costs.
Conroy Gold said during the period it discovered additional high gold grades at the Clontibret gold deposit in Ireland following further drilling, as well as a new gold outcrop between Clontibret and the Corcaskea gold target.
The company's drilling operations at Slieve Glah, southwest of Conroy Gold's licence area led to the intersection of a new gold zone.
Looking ahead, Conroy Gold said it is looking forward to the development of its first gold mine on the new district-scale gold trend recently discovered.
"The year was one of highly encouraging progress for your company as it has accelerated the process of moving from exploration success to mining development. Exploration to date has led to the discovery of a JORC Resource, a new district- scale gold trend and, for the combined Clay
Lake-Clontibret-Glenish gold targets, which lie along a 17 kilometre section of the 65 kilometre gold trend, an 8.8 million ounces of gold exploration target has been estimated," said Chair Richard Conroy.
Shares in Conroy Gold & Natural Resources - which is headquartered in Dublin - closed untraded on Friday at 4.50 pence in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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