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LONDON (Alliance News) - Conroy Gold & Natural Resources PLC Wednesday said it narrowed its losses for its financial year ended May 31, and said its confident in its future outlook as it moves from the exploration phase into the development phase.
The Ireland-based exploration company reported a pretax loss for the 12 months ended May 31 of EUR423,979 compared with EUR533,262 a year earlier.
The group said that it is working towards opening a gold mine at Clontibret in Ireland. Conroy has under licence the entire 30 mile gold trend which it has discovered in the Longford-Down Massif in Ireland, of which it said its in-house studies show gold potential of 15-20 million ounces along the trend.
Conroy said its operating expenses fell to EUR411,020 compared with EUR524,888 in the prior year.
It said its spent EUR1.05 million of net cash on investment in exploration and evaluation activities, compared with EUR1.69 million a year earlier.
"We are steadily working towards bringing Clontibret into production whilst still discovering additional targets in particular at Clay Lake, where indications are for high tonnage and overall gold content," said Chairman Richard Conroy in a statement.
"We have also now identified two significant base metal targets on the licence area, one showing zinc results of up to 30%. The very high zinc levels detected in County Cavan add to the overall metalliferous potential of the licence area for base metals as well as its established potential for gold," Conroy added.
During the year the group raised GBP573,183 of new equity, and has raised a further GBP1 since year-end.
The company's shares were up 0.7% Wednesday afternoon, at 2.07 pence per share.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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