26th Sep 2018 12:27
LONDON (Alliance News) - Connemara Mining Co PLC on Wednesday said its loss widened in the first half of 2018 as it progressed on projects in Ireland.
The gold and zinc exploration company posted a pretax loss of EUR160,000 for the six months to the end of June, widened from EUR95,000 reported for the same period a year earlier.
Connemara did not generate any revenue in either years, as it is currently at the exploration stage across several projects in Ireland.
At the Oldcastle zinc project, which comprises of five contiguous licences covering 172 square kilometres in the counties of Meath and Cavan, the project operator has completed two drill holes for a total of 1,320 meters and is currently drilling a third hole which is due to be completed in September.
Meanwhile, at the Inishowen project, the company said it was first to drill for gold in the County Donegal area and has had encouraging results.
Shares in Connemara were trading 3.2% lower on Wednesday at 2.25 pence each.