Clontarf Regulatory News (CLON)

27 Jul 2006 13:00

Persian Gold PLC27 July 2006 Persian Gold plc Highlights of the Statement made by the chairman John Teeling at the AGM ofPersian Gold plc in London Thursday July 27th • The company has made significant progress toward becoming a gold producer in Iran. • Detailed analysis of geochemical samples continues on the Takestan gold / silica / alunite licences. • Drilling will commence on the Yazd gold project in September. • Other gold projects are being evaluated. Why Gold and why Iran? Gold • Prospects look good - further price increases can be expected. • Underinvestment in exploration for two decades, few discoveries, mines depleting. • Demand rising, primary supply falling. Iran • As an Irish company we have no political baggage working in the Middle East. • Iran is a large country with 70 million people and a huge land mass. • The country has known geological prospectivity particularly in gold, zinc and copper. • Infrastructure, skills availability, licensing terms and working conditions are all good by international standards. • There has been relatively little exploration in the recent past. • Persian Gold is one of the very few international explorers working in the country. As such we are seeing a pipeline of projects in gold, silver, copper and zinc. • The top quality Yazd gold project is one which was brought to us. • We intend to exploit our early mover advantage into a strong long term presence in Iran. Chah-e-Zard (70% Persian Gold option) • Best prospect for early stage gold production. • Big gold anomaly covering 1.25km x .75km. • Sampling results have been good and consistent. • Drilling programme commencing in a few weeks will test grades and depth. • First drilling results expected during autumn. • The objective is a large low cost heap leach gold discovery. Takestan, North Western Iran • Target is a large scale gold discovery associated with alunite and silica. • Concession area reduced from 1,800 sq kms to 320 sq kms in 8 prospecting licences. • Multi-element geochemistry results are being compiled for Twin Hills, Zehabad and the entire Takestan area. • Results of this work will lead to the definition of new targets. Future • Rapid exploration and evaluation of the Yazd discovery. • Continue Takestan programme. • Evaluate the pipeline of interesting gold, zinc and copper projects being introduced to the company. The focus will remain on gold. Resolutions of the AGM All resolutions were passed by the meeting. For further information please contact: Contacts: John Teeling, Chairmanwww.persiangoldplc.com + 353 1 8332833 College HillPaddy Blewer / Nick Elwes + 44 (0) 207 457 2020 Rowan DartingtonIan Rice +44 (0) 117 933 0020 This information is provided by RNS The company news service from the London Stock Exchange