Conroy close to decision on Monaghan gold mine

IRISH gold and mineral resources exploration company, Conroy Diamonds & Gold is close to gauging whether a full-scale gold mine in Co Monaghan is a viable option.

The company is expecting to receive results of ongoing technical and financial viability studies at the prospect, early in the new year.

Conroy has also formally changed its name to Conroy Gold & Natural Resources. That previously-mooted move was one of a number of resolutions put to shareholders at the company’s annual general meeting in Dublin, yesterday, all of which were passed unanimously.

The company — whose main interests are two gold and zinc projects along the border in Co Monaghan and Co Armagh — recently reported a marginal fall in full-year pre-tax losses to €290,445, for the 12 months to the end of May.

Shareholders were yesterday told, by chairman and founder Richard Conroy, that sufficient money has been raised to fund the work needed to complete feasibility studies at the one million ounce prospect at Clontibret, Co Monaghan. “Clay Lake [in Armagh] is potentially a larger target and step-out drilling has proven very positive,” he added.

Conroy’s sister company, Karelian Diamond Resources — which is mainly focused on diamond exploration in Finland — also held its AGM yesterday. Management said that it is viewing the future “with increasing optimism” and is looking forward to continuing to progress towards its objective of “making a world class diamond discovery in Finland, comparable to those made across the border in Russia.”