Conroy Gold incurs continuing losses as gold search intensifies

Exploration company raised €556,545 from shareholders in the period

Conroy Gold chairman Richard Conroy. Photograph: Brenda Fitzsimons/The Irish Times

Conroy Gold chairman Richard Conroy. Photograph: Brenda Fitzsimons/The Irish Times

 

Conroy Gold and Natural Resources incurred expenses of €285,604, dragging it to another six month loss as it continues its exploration programmes in the Republic.

The gold exploration company reduced its half year loss in the six months ended November 30th from €458,222 the previous year. It raised £500,000 (€556,545) during the period.

Chairman Richard Conroy said the period had been one of “further successful progress” after drilling at the group’s primary Clontibret prospect, in Co Monaghan, followed the discovery of “extensive gold zones”.

“The new discoveries and the updated exploration target show the potential of the 700 km sq that the Company has under licence,” Mr Conroy said.

The company is also exploring nearby prospects known as Clay Lake and Glenish. In the period, drilling was also completed in those areas and the company identified gold intersections including one which extended for over 150 metres.

Future drilling is planned for the three prospects, the company noted in an announcement to the stock exchange.