Connemara Mining reduces losses

Connemara Mining, the Irish precious metals exploration company, has reduced its operating losses for the period ended June 30, 2012 to €178,000 from €198,000 compared to the same period last year, according to the company’s Interim Statement.

Connemara Mining, the Irish precious metals exploration company, has reduced its operating losses for the period ended June 30, 2012 to €178,000 from €198,000 compared to the same period last year, according to the company’s Interim Statement.

Chairman John Teeling said: "It is not easy or fashionable to be an explorer in an economic recession. When the recession is as deep and long lasting as the world is currently experiencing the task is even greater. Investing money in high risk, long-term projects is of little interest to investors.

"Yet the fundamentals for commodities have rarely been better. Over the coming decades billions of people will enter the middle class. Bubbles and shakeouts are normal in a long economic cycle but the march towards consumerism is inexorable. Zinc, lead, copper, gold and diamonds are seeing an increase in demand to meet their needs.

"From discovery to commissioning is eight to ten years at best. Small companies find it very difficult to survive in this game.

"During 2012 Connemara received an expression of interest in acquiring their stake in the Stonepark discovery. Our financial advisors were unable to reach a way forward with the interested party. Once the budgets for 2013 are agreed we will know our financial needs. We will then examine the best ways to finance the requirement."

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