First-half losses narrow at Connemara Mining

Losses at Connemara Mining narrowed in the first half of 2015, falling from €140,000 for the first six months of 2014 to €88,000 for the same period this year.

The AIM-listed company, which reported a full-year loss of €308,000 in 2014, is an exploration firm with principal assets in zinc/lead exploration licences as well as shear-hosted gold exploration licences in Ireland.

The John Teeling-headed firm said losses per share fell from 0.39 cents in June 2014 to 0.16 cents for the same period in 2015.

Connemara Mining, which was established in 2004, currently holds 35 prospecting licences throughout Ireland, of which 20 are held directly while a further 10 are joint ventured with Teck and five with Hendricks.

"The company is funded for all its current activities and expenditure for the next year or so. As explorers we remain hopeful that one or more of our activities will yield positive results," said Mr Teeling.

Connemara said recently that initial results from the first phase of prospecting carried out on its newly-acquired Inishowen block in Donegal had identified quartz vein material that contained gold values. It is now undertaking a trenching programme over the area.

The group acquired five prospecting licenses in Co Donegal covering 187 sq km on the Innisowen peninsula last year.

Connemara also owns a second block of gold licences in the Wicklow/Wexford areas as part of a joint venture with Hendricks, where they must spend €1million to earn 75 per cent. However, they have not spent enough to earn this interest as yet.

“Hendricks has adjacent ground and has conducted exploration over the entire licence area, theirs and ours, which have identified drill targets, some on our ground. The abysmal Toronto market for junior explorers has frustrated fund raising by Hendricks so no work is being done at present,” said Mr Teeling.

Connemara also has a number of licences with Teck of Canada in Limerick and Meath, including a potentially significant zinc discovery at Stonepark.