25th Feb 2015 08:55
LONDON (Alliance News) - Conroy Gold and Natural Resources PLC Wednesday said it reported a wider loss in the first half after its operating expenses increased.
For the six months ended November 30, the company reported a wider EUR150,230 loss from the EUR131,527 loss reported in the comparable period in 2013. The wider loss was caused by operating expenditures increasing in the first-half.
The gold exploration and development company does not currently generate any revenue and is focused on developing a gold mine at Clontibret in Ireland.
"This was a period of further significant progress for your company during which the viability of the proposed mine at Clontibret was confirmed and that antimony as well as gold may well be economically mined," Chairman Richard Conroy said in a statement to shareholders.
The Clontibret mine will be mined in two phases, with the first phase focusing on a starter pit concentrating on a densely drilled and high grade portion of the resource. Phase two will consist of further surface pits and underground mining, where there are "favourable grades and widths" that have been identified.
"Your company looks forward to continued progress with its planned gold mine at Clontibret and its ongoing exploration programme for gold and base metals," Conroy said.
Conroy shares were up 3.0% to 0.850 pence per share on Wednesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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