Final Results

13 November 2013 Conroy Gold and Natural Resources plc ("Conroy" or "the Company") Final Results for the Year Ended 31 May 2013 Gold Mine's Technical and Financial Viability Confirmed Conroy (AIM: CGNR; ESM: CGNRI), the Irish based resource company exploring anddeveloping gold and other projects in Ireland, is pleased to announce itsresults for the year ended 31 May 2013. Conroy has under licence the entire 30mile gold trend which it has discovered in the Longford-Down Massif in Irelandand is working towards opening a gold mine at Clontibret. In-house studies showgold potential of 15-20 million ounces along the trend. Highlights: * Clontibret gold mine - technical and financial viability confirmed * Clontibret resource evaluation - over 600,000 oz indicated and inferred * Economic evaluation based on 20 per cent. of Clontibret target area - payback period of two years * Proposed process - BIOX®; amenability and technical viability confirmed * IRR 49.4% NPV(8) $72.3m USD * Test work undertaken by Goldfields shows 8% sulphur content - Scoping Study showed 12% * Geophysical programme carried out at Clay Lake target * New gold targets identified along the 30 mile trend * Additional base metal potential identified * During the year £573,183 of new equity was raised and subsequent to the year end a further £1,000,000 was raised * Mr Séamus FitzPatrick, previously a Non-Executive director of the Company, assumed the position of Deputy Chairman in February 2013 Chairman, Professor Richard Conroy commented: "We are steadily working towards bringing Clontibret into production whilststill discovering additional targets in particular at Clay Lake, whereindications are for high tonnage and overall gold content." "We have also now identified two significant base metal targets on the licencearea, one showing zinc results of up to 30%. The very high zinc levels detectedin County Cavan add to the overall metalliferous potential of the licence areafor base metals as well as its established potential for gold." "We look forward to the future with confidence as we move from the explorationphase into the development phase." For further information please contact: Conroy Gold and Natural Resources plc Tel: +353-1-661-8958 Professor Richard Conroy, Chairman Sanlam Securities UK Limited (Nomad) Tel: +44-20-7628-2200 Virginia Bull/Simon Clements Hybridan LLP (Broker) Tel: +44-20-7947-4350/4361 Claire Louise Noyce/William Lynne IBI Corporate Finance Limited (ESM Adviser) Tel: +353-766-234-800 Ger Heffernan Lothbury Financial Services Tel: +44-20-3440-7620 Michael Padley/Michael Spriggs Hall Communications Tel: +353-1-660-9377 Don Hall Visit the website at: www.conroygold.com CHAIRMAN'S STATEMENT I have pleasure in presenting your Company's Annual Report and FinancialStatements for the 12 months ended 31 May 2013, a year of continued progress.During the year mineralogical and metallurgical testwork on ore grade materialfrom Clontibret confirmed the technical and financial viability of the proposedBIOX technology for processing the ore which is a key step in bringing the goldmine at Clontibret into operation and at Clay Lake in Co. Armagh, geophysicaland drilling results support the view that this target could host a very largegold deposit. Also high zinc values of up to 30 per cent have been found in anevaluation of old lead workings within your Company's licence area confirmingthat in addition to the gold potential there may be potential for base metals. Clontibret Gold Mine The final results of the mineralogical and metallurgical testwork by Goldfields/Biomin on ore grade material confirmed the amenability and technical viabilityof using the BIOX® technique to process the ore at Clontibret. The mineralogical and metallurgical testwork was supervised and managed byindependent consultants Tetra Tech. It was carried out on 350kg of drill corerepresentative of both lode and stockwork ore grade material with a 10 per centdilution factor with a grade similar to that expected for run of mine. The testwork results indicated fast oxidation kinetics, achieving over 90 percent oxidation for both lode and stockwork concentrate samples. Maximum goldextractions achieved were 90.4 per cent and 87.1 per cent respectively withoverall recoveries confirmed by Tetra Tech to be in line with their independentScoping Study. BIOX® is a well established bacterial oxidation technique which was recommendedby Tetra Tech as an appropriate technology for treating the gold sulphideconcentrate at Clontibret. BIOX® is an environmentally friendly proventechnology with a number of plants in operation worldwide including SouthAfrica, Ghana, Brazil, China and Australia. The BIOX® process gives improvedrates of gold recovery at significantly lower capital and operating costs. Test work undertaken by Goldfields Limited ("Goldfields")/Biomin includedgrinding, crushing and other factors in relation to mill design. The resultssuggest that a combination of either Semi-Autonomous Grind ("SAG")/Ball Mill or"HPGR"/Ball Mill or a larger Ball Mill for the process plant be considered.Preliminary indications are that a "SAG"/Ball Mill combination may be thepreferred choice. The results indicate an 8 per cent sulphur grade in concentrate whereas in theScoping Study a grade of 12 per cent had been assumed. The lower sulphur gradein the concentrate is highly advantageous as it will reduce capital and processoperating costs. Confirmation of the technical and financial viability of the proposed BIOX®technology for processing the ore is a key step in bringing the gold mine atClontibret into production. Clay Lake Gold Target The Clay Lake gold target, which is greater in surface area than the Clontibretgold target and has gold-in-soil values twice those of Clontibret, appears tobe a black carbonaceous shale hosted deposit. Such deposits can be very large.Drill intersections of 63 metres at 0.62g/t gold and 1g/t silver and 50.75metres at 0.61g/t gold have been intersected suggesting potential for hightonnage and overall gold content. A ground geophysical programme on the target has been carried out by GolderAssociates on behalf of your Company. The programme comprised InducedPolarisation (IP) and Resistivity totalling 960 line metres in four surveylines over the Northern area of the target. Interpretation of the results depicted an anticlinal folding sequence of thegold bearing black carbonaceous stockwork zone. The geophysical results supportthe view that the Clay Lake gold target could host a large gold deposit. Further Gold Targets Identified Further new gold targets along the thirty mile trend discovered by your Companyhave been identified by an independent review of airborne geophysics by BRG(Geotechnics) Limited. High Zinc and Other Metallic Values Recorded Evaluation of old lead workings within your Company's licence area has yieldedhighly positive zinc results of up to 30 per cent. These samples also hadelevated copper, silver, antimony, mercury, gallium and cadmium. Also the original gold discovery at Clontibret where the Company is proposingto develop its first gold mine was historically an old antimony mine. Antimonyis known also to be associated with silver, lead and copper deposits. Thesefindings add to your Company's previously announced discovery of an extensivezinc-in-soil anomaly on its prospecting licences in Counties Monaghan andArmagh. The very high zinc levels detected in County Cavan add to the overallmetalliferous potential of the licence area for base metals as well as itsestablished potential for gold. Elsewhere, exploration for gold continues inFinland. Finance The loss after taxation for the year ended 31 May 2013 was €423,979 (2012: €533,262) and the net assets as at 31 May 2013 were €13,073,929 (2012: €12,678,448). During the year £573,183 (prior to expenses) was raised by theissue of 20,843,000 new ordinary shares for cash and I personally subscribedfor 5,454,545 of those. Details of the share issues are in Note 13 to theaccounts. In addition, on 1 October 2013, the Company announced that it had raised afurther £1,000,000 (prior to expenses) by issuing 6,660,377 new ordinary sharesby way of a subscription for a total of £176,500 and issuing unsecuredconvertible debt to directors of the Company amounting to a total of £823,500of which I personally provided £683,500. As in previous years, I have supported the working capital requirements of theCompany. The balance of the loans due to me at the period end was €1,045,775.The loans have been made on normal commercial terms. The other directorsconsider, having consulted with the Company's Nominated Adviser and theCompany's ESM Adviser, that the terms of the loans are fair and reasonable inso far as the Company's shareholders are concerned. Auditors I would like to take this opportunity to thank the partners and staff ofDeloitte & Touche for their services to your Company during the course of theyear. Directors I am very pleased to welcome Mr Séamus FitzPatrick as Deputy Chairman, aposition he was appointed to in February 2013. Mr FitzPatrick has been aNon-Executive Director for the past five years and with his business abilityand wide ranging experience in corporate and financial matters, has alreadyplayed a major role in the ongoing success and development of the Company. I amdelighted that he has agreed to become Deputy Chairman. I look forward to hisadvice and support over the coming years as the Company moves from explorationto production. I would also like to express my deep appreciation of the support and dedicationof all of the directors, consultants and staff, which has made possible thecontinued progress and success, which your Company has achieved. Future Outlook Your Company has made further excellent progress in the financial year to 31May 2013. I look forward to the future with confidence as we move from theexploration phase into the development phase. Professor Richard Conroy Chairman 12 November 2013 INCOME STATEMENT FOR YEAR ENDED 31 MAY 2013 2013 2012 € € OPERATING EXPENSES (411,020) (524,888) Finance income - bank interest 12 779receivable Finance costs - interest on (12,971) (9,153)shareholder loan LOSS BEFORE TAXATION (423,979) (533,262) Taxation - - LOSS FOR THE YEAR (423,979) (533,262) Loss per ordinary share - basic and (€0.0015) (€0.0022)diluted STATEMENT OF FINANCIAL POSITION AS AT 31 MAY 2013 2013 2012ASSETS € € Non-current Assets Intangible assets 14,824,846 13,603,186 Investment in Subsidiary 2 2 Property, plant and equipment 7,138 10,688 14,831,986 13,613,876 Current Assets Trade and other receivables 163,139 73,940 Cash and cash equivalents 71,864 238,647 235,003 312,587 Total Assets 15,066,989 13,926,463 EQUITY AND LIABILITIES Capital and Reserves Called up share capital 8,737,547 8,112,257 Share premium 7,917,717 7,872,573 Capital conversion reserve fund 30,617 30,617 Share based payments reserve 969,735 880,709 Retained losses (4,581,687) (4,217,708) Total Equity 13,073,929 12,678,448 Non-current Liabilities Financial Liabilities 1,045,775 665,318 Total Non-current Liabilities 1,045,775 665,318 Current Liabilities Trade and other payables 947,285 582,697 Total Current Liabilities 947,285 582,697 Total Liabilities 1,993,060 1,248,015 Total Equity and Liabilities 15,066,989 13,926,463 CASh Flow Statement For the Year Ended 31 May 2013 2013 2012 € € Cash flows from operating activities Cash used in operations (103,587) (211,386) Tax paid - - Net cash used in operating activities (103,587) (211,386) Cash flows from investing activities Investment in exploration and evaluation (1,049,245) (1,687,013) Payments to acquire property, plant and - (938)equipment Net cash used in investing activities (1,049,245) (1,687,951) Cash flows from financing activities Issue of share capital 495,037 1,414,867 Advances/(Repayment) of shareholder loan 491,000 - Bank interest received 12 779 Interest paid on shareholder loan - (27,121) Net cash generated from financing 986,049 1,388,525activities Decrease cash and cash equivalents (166,783) (510,812) Cash and cash equivalents at beginning of 238,647 749,459year Cash and cash equivalents at end of year 71,864 238,647 Notes to the Financial Statements 1. Publication of non-statutory accounts The financial information set out in this preliminary announcement areabbreviated accounts as defined in Section 19 of the Companies (Amendment) Act1986. The financial information for the period ended 31 May 2013 has been extractedfrom the Company's financial statements to that date which have received anunqualified auditor's report but have not yet been delivered to the Registrarof Companies. 2. Earnings per share The calculation of the loss per ordinary share of €0.0015 (2012 - €0.0022) isbased on the loss for the financial year of €423,979 (2012 - €533,262) and theweighted average number of ordinary shares in issue during the year of274,234,517 (2012 - 245,158,271). Since the Company incurred a loss the effect of share options and warrantswould be anti-dilutive. 3. Dividends No dividends were paid or are proposed in respect of the period ended 31 May,2013. 4. Copies of Accounts A copy of the Annual Report and Financial Statements will be available on theCompany's website www.conroygold.com and will be available from the Company'sregistered office, 10 Upper Pembroke Street, Dublin 2. It will also beforwarded to shareholders who requested a hard copy. Notice of the AnnualGeneral Meeting to be held on 9 December 2013 and Proxy Form will be sent toshareholders on 13 November 2013 and are also available on the website.