28th Jun 2016 13:51
LONDON (Alliance News) - Connemara Mining Co Tuesday said its loss narrowed in 2015 after costs declined and the miner said its immediate focus will be on its existing operations in Donegal, Ireland.
The exploratory miner searching for zinc and gold to develop in Ireland said its pretax loss in 2015 totalled EUR202,961 compared to the loss in 2014 of EUR308,292 as revenue remained at nil whilst administrative costs declined.
Connemara is currently carrying out a drilling campaign on its ground in Donegal but is also progressing joint ventures with Canadian firms Teck Resources, focused on zinc, and Hendrick, which is focused on the Wicklow and Wexford gold licenses.
For Connemara, the company is hoping to make its own stamp on the Irish gold sector by exploring the Inishowen block which covers five licenses. A substantial amount of drilling has been conducted by Connemara, but the miner said more was "likely" on Monday.
There are also sufficient funds to drill the licenses being developed with Hendrick during this year.
"The immediate future is focused on gold in Donegal. Drilling results are expected to be available in third quarter of 2016. Later in the year we expect to see work begin on our Wicklow/Wexford block of gold licences," said Connemara.
"Zinc exploration is at a standstill as our partner has a very limited budget. We continue to look at prospecting opportunities. We think the Rapla licence near Lisheen has big potential. We have identified and applied for some other ground prospective for zinc," said the company.
Connemara shares were down 4.0% to 2.40 pence on Tuesday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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