Gold mine value boost for Conroy

Irish mining companyConroy Gold and Natural Resources has announced a near 20% increase in estimated total resources at its Co Monaghan-based gold project at Clontibret to over 600,000 ounces.

The figure comes from an updated resources and evaluation study carried out by international consultants, Tetra Tech, with Conroy saying the results have “transformed” the economics of the project.

“The results transformed the ‘mine economics’ with in excess of a 100% increase in contained gold, a substantial increase in gold production, a reduction in operating costs, an increase in mine life to over 11 years, and a two-year pay-back period,” said chairman Richard Conroy.

Mr Conroy also said yesterday that the company’s first-half losses for the six months to the end of November amounted to €203,752; down from €213,504 for the same period the year before.

Its losses per share also marginally decreased.

Elsewhere, Limerick-headquartered oil and gas explorer Circle Oil — which lists on London’s Alternative Investment Market — said an independent report has upgraded its estimated recoverable oil and gas reserves in Egypt and Morocco by 30%, boosting its share price by 6%.

“This is a confirmation that there is potential in developing our discovered resources through diligent development and effective asset management,” said Circle chief executive Chris Green.

Meanwhile, an independent feasibility study has confirmed the technical and commercial viability of Ormonde Mining’s Barruecopardo tungsten project in Salamanca in Spain.