Irish prospector Conroy Gold and Natural Resources has conditionally raised a further £750,000 (€952,000) to continue the financing of its gold mining operations in counties Monaghan and Armagh.
Conroy’s Clontibret site, in Co Monaghan, is set to become the country’s first commercial gold mine in the next three years, with 50,000 ounces being produced per year over the first five years of the mine’s life.
The new funds will go towards funding the ongoing programme at Clontibret and continued exploration work at the larger, but less-advanced, Clay Lake prospect in Co Armagh.
Conroy recently announced a “definitive mining plan” for its Clontibret project, saying the building of a starter pit and pit extension — followed by underground mining capability — will de-risk the project, which will cost an initial $41.5m (€32.5m), including working capital of $3.6m and sustaining capital of $2.4m.
The company believes its prospecting area in the border region represents a new European gold mining district and claims its land base has the potential for 15-20m ounces of gold.
Conroy’s founder and chairman, Professor Richard Conroy, said the additional fundraising will enable the company to progress the Clontibret project “one step closer towards production”.
“The resources market continues to be challenging and we feel the overwhelming support we have received from new and current shareholders is testament to our plans to develop what will be the first significant gold mine in the Republic of Ireland in modern times,” he added.
The new oversubscribed share placing and subscription, of 75m ordinary shares, at a price of 1p per share, sees businessman and long-time Conroy shareholder, Patrick O’Sullivan subscribe for 20m of the shares; giving him just over 50.7m shares and an 11.88% stakeholding.
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