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LONDON (Alliance News) - Conroy Gold & Natural Resources PLC Monday said its pretax loss narrowed in its first-half as studies reduce costs at Clontibret in Ireland.
The Ireland-based exploration company posted a pretax loss of EUR131,527 for the six months ended November 30 2013 compared from EUR197,683 the previous year.
The company, which is yet to post any revenues, said its operating expenses fell to EUR125,588 from EUR191,884 and its net assets at November 30 were EUR13.2 million, an increase on its EUR12.6 million the previous year.
Conroy carried out a range of mineralogical and metallurgical testwork on 350 kilograms of drillcore during the period which showed a significant increase to over 90% oxidation at its Clontibret gold target.
Due to these studies, the capital cost for the proposed processing plant is now estimated by Tetra Tech inc, the company's independent consultants, at USD18.5 million compared from USD20.2 million in the preliminary economic assessment and the process operating costs are expected to fall to USD12.26 per tonne from USD13.64 per tonne.
Conroy shares were down 1.4% to 1.80 pence Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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