Connemara Mining sees 'significant progress' in last trading year

AIM-listed gold and zinc explorer Connemara Mining reported "significant progress" throughout its last trading year, saying it was now "well positioned to move further ahead".

The Irish firm turned in a 9.59% wider pre-tax loss of €214,331 on Friday and a 24.62% lower cash and equivalents balance of €122,716 as the £200,000 raised by the group in August 2017, as well as the £900,000 raised in early 2018, had been used to fund its "very active" exploration programmes.

Connemara's chairman John Teeling said the firm was "going through an interesting and exciting time".

"We have a new CEO, new shareholders, new directors, a new joint venture partner and new prospecting licences. Metal prices are good, though the impact of these are reflected more in the share prices of mining companies than junior explorers," said Teeling.

Losses per share contracted to 0.27p from the 0.29p posted a year earlier.

Connemara recently announced that its new drilling campaign over at the Stonepark Zinc Project had intersected 32.2% combined zinc and lead over 5.4m.

"Connemara has made significant progress in the last year and is well positioned to move further ahead. We have good ground and committed executives," added Teeling.

As of 0920 BST, Connemara shares had dipped 0.88% to 2.80p.