Conroy Gold share price falls as it announces new development

Shares in Conroy Gold and Natural Resources were falling well below the waterline on Monday afternoon, after it announced that further to its recent strategic financing, it was accelerating development on its Irish gold property.

The AIM-traded firm said it was focussing on the commercialisation of key business interests and proactive ground exploration of significant gold targets.

The company had put in place a drill programme, which would commence shortly, to increase the known JORC resource of 517,000 ounces of gold at Clontibret and to convert inferred into indicated resources for the purpose of calculating reserves.

Conroy’s board said the drill programme was also planned to expand the overall gold resource on the company’s licence area on which, as indicated in the recent annual report, the combined Clay Lake/Clontibret area alone has the potential to host a significant number of contained ounces.

“I am very pleased to report that following the strategic financing in December, we now have the funds in place to accelerate the work necessary to enable us develop a mine at our Clontibret/Clay Lake target,” said chairman Richard Conroy.

“Based on the work already done we believe we have the opportunity on our licence area in Ireland to develop a world class mining project.

“The focus will be on Clontibret initially as we look to bring in the first gold mine on our property into production at the earliest opportunity.”

As at 1512 GMT, shares in Conroy Gold were down 11.86% at 26p.