Last checked at 16 May 2012 07:00
16 May 2012
Connemara Mining Company
Airborne Survey Targeting Gold Deposits Completed
Connemara Mining announces that the airborne survey - targeting gold deposits - over the block of five licences held by the Company in the Wicklow/Wexford area of Ireland is completed.
The work is part of an ongoing joint venture between Connemara Mining and Hendrick Resources of Canada whereby Hendrick will earn 75% interest in the licences by spending €1M.
The survey which is a magnetic, very low frequency (VLF) and radiometric survey is being processed by Terraquest in Canada. Initial analysis carried out on the raw data by Hendrick in Canada indicates the presence of previously undetected blind targets. Final results are due within six weeks.
John Teeling, Chairman, said, "Gold in the Wicklow hills has been known for over 200 years but finding commercially viable deposits is a far more complicated issue. Dale Hendrick, an acknowledged expert in evaluating airborne survey results has done some work on the raw data from the survey. He believes that he has identified previously unknown 'potential' targets for gold deposits. These are targets that could not be identified from conventional ground based exploration. Final results from Terraquest are due within six weeks following which the next stage of exploration will be decided."
Notes to Editors
Connemara is a diversified exploration company, with principal assets in base metal zinc/lead exploration licenses as well as shear hosted gold targeting licenses, in Ireland. The company holds interests in 34 licences covering an area of approximately 1,250 sq km.
This announcement has been reviewed and approved by the Company's technical director Graham Reid (P.Geo) in his capacity as the Qualified Person for the purposes of the AIM Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange. Mr Reid is a Professional Member of The Institute of Geologists of Ireland (IGI) and The Society of Exploration Geophysicists (SEG) and has over 30 years' experience in mineral exploration and site investigation fields.
Enquiries:
Connemara Mining Company Plc
John Teeling, Chairman +353 (0) 1 833 2833
Jim Finn, Financial Director
Westhouse Securities Limited
Richard Baty +44 (0) 20 7601 6100
Petre Norton
Optiva Securities Ltd
Jason Robertson +44 (0) 203 137 1906
Jeremy King +44 (0) 203 137 1904
Blythe Weigh Communications +44 (0)20 7138 3204
Tim Blythe +44 (0) 7816 924626
Susan McKenzie +44 (0) 7919 050828
Robert Kellner +44 (0) 7800 554377
Pembroke Communications
David O'Siochain +353 (0) 1 649 6486
www.connemaramining.com