Arkle Res Regulatory News (ARK)

22 Aug 2007 11:12

Connemara Mining Company plc22 August 2007 Highlights of the Chairman's Statement to the First AGM of Connemara Mining as an AIM listed company Dublin 22 August, 2007 • Connemara successfully listed on AIM on 31 July 2007. • Connemara holds 23 exploration licences in Ireland, 22zinc/lead and one gold and has applied for a further six licences in the southeast of the country. • The current focus is on the Monaster block of sixlicences adjacent to the Xstrata/Minco discovery in Pallas Green, Limerick. OurJoint Venture partner, Teck Cominco, is drilling the third hole in an initialscouting drill programme. • The second hole encountered the same geologicalsuccession associated with the mineralised bodies found 2km away at PallasGreen. The intersection of pathfinder iron sulphide mineralisation, which canhave a spatial association with zinc/lead, is highly encouraging. • The drilling at Monaster is part of the Connemara/TeckCominco Joint Venture covering 15 licences in the Limerick area, where TeckCominco is spending C$3m to earn a 75% interest. • At Lough Sheelin, Connemara is preparing a drillprogramme on the 5 licence block which is 20kms north west of the Tara mine atNavan. This will concentrate on the areas of known zinc/lead mineralisation. • We have one licence in Kerry, Castlemaine where we willconduct a geophysical survey in September. • While the main priority is on drilling at Monaster inLimerick, followed by exploration at Lough Sheelin, Cavan, other base metalopportunities in Ireland and abroad are under evaluation. We are continuingwith our target generation activities and have identified four additional areasover which we will submit applications. • The £1m raised at the AIM listing will fund the companyfor the foreseeable future as all current expenditure in Limerick is paid byTeck Cominco. • Zinc and lead prices are at historical highs. Demandfor zinc and lead in the construction, automotive, electrical and in the case oflead, the battery trades is very strong, while supply is struggling, due to twodecades of low prices and diminished exploration. Current and projected marketconditions create massive upside potential for any discovery • All resolutions were passed at the meeting. Enquiries: Connemara Mining Company Plc + 353 1 8332833John Teeling, ChairmanJim Finn, Financial Director Blue Oar Securities Plc +44 (0) 117 933 0020John WakefieldSimon Moynagh College Hill +44 (0) 207 457 2020Paddy BlewerNick Elwes www.connemaramining.com Notes to Editors: About Connemara Connemara is an Irish based London AIM listed base metal explorer currentlyfocused on Ireland. Formed in 2000 by John Teeling and Jim Finn experiencedmining executives Connemara holds 23 licences mainly in the Limerick and LoughSheelin areas of Ireland. Connemara has a joint venture with Teck Cominco of Canada whereby Teck spentC$3m exploring a block of 15 licences in the Limerick area to earn a 75%interest. The company also holds a block of 5 licences in the Lough Sheelin area of Cavanwhere the target is a Tara Mines/Navan type deposit. Zinc in Ireland Ireland is the foremost zinc producer in Europe and one of the biggest in theworld. The Boliden mine at Navan produces over 200,000 tonnes of zinc and is the 5thlargest in the world. The Anglo American mine at Lisheen and the Lundin mine atGalmoy are large by world standards. X-Strata is exploring for zinc at PallasGreen in Limerick, adjacent to the Connemara licence block. They have beensuccessful with numerous drill holes reporting commercial grade zinc. CurrentlyX-Strata have five drill rigs on the site. This information is provided by RNS The company news service from the London Stock Exchange