EXPLORATION:Losses widened to €533,262 at Conroy, an Irish-based resource company, in the year to May 31st, 2012.
The company, which is engaged in exploring and developing gold and other projects in Ireland, had net assets of over €12 million as of the end of May.
Conroy has under licence an entire 30-mile gold trend which it discovered in the Longford-Down Massif, and a series of significant gold targets have been discovered in this area, with a total gold potential in the 15-20 million ounce range.
These targets include Clontibret in Co Monaghan, where Conroy chairman Prof Richard Conroy said the company was continuing its drill programmes.
“We have established that a gold mine is viable, and we are now working towards bringing it into production.”
He said the company made “further excellent progress” and he was looking to the future “with confidence” as Conroy moved from the exploration phase into the development phase.
