Conroy Gold's aims for mine development as loss deepens

Conroy Gold reported “excellent” drilling results on Wednesday though the gold miner’s loss deepened as it moves towards building a mine at its Clontibret project in County Monaghan, Ireland.

For the year ended 31 May, loss after tax increased by 73% to €0.7m as net assets increased from €16.8m to €17.9m.

There was €0.23m cash on the balance sheet at the period end-before Conroy raised €1m through a placing before raising a further €0.5m post-period end in August.

The AIM traded company said that it is targeting a move towards mine development at Clontibret while exploration continues for gold, zinc and other metals on its other exploration properties in Ireland and Finland.

An updated mineral compliant resource 517,000 at the Clontibret project followed the discovery of extensive gold zone and led the company to release a refreshed estimated exploration target of 8.8Moz gold for the combined Clontibret, Clay Lake and Glenish areas.

Chairman Richard Conroy said: “We have had a series of positive results throughout the year and this has continued into the current financial year. The company has made excellent progress in its exploration and development programme overall, and I look forward to this continuing on an accelerated basis.”

Conroy’s shares were down 6.12% at 11.50p at 0829 GMT.