Mining company lowers its losses

CONNEMARA Mining, the Irish zinc and lead exploration company, has reported a significant lowering in its full-year losses and is set to raise funds through an additional share placing to progress work at its main asset in Limerick.

The AIM-listed company – one of the John Teeling group of Irish exploration businesses – owns two significant zinc sites in Limerick and Meath. Mr Teeling, who chairs the company, has been on an investor roadshow of British broker houses in the past week and was, apparently, well-received with prospects surrounding the company’s Stonepark mine in Co Limerick seeming positive. The company is hoping to raise £1 million (€1.22m) to progress the site.

“Ongoing drilling in Stonepark will see a flow of results. Every hole is unlikely to hit commercial ore, but within a year – if not earlier – the shape and size of the orebody will take shape. It’s going to cost Connemara up to £1m, over the coming two years to pay our way in Stonepark,” Mr Teeling said.