Conroy Gold is to accelerate development on its Irish gold property, a statement from the company said today.
The company, which is focused on mining in Ireland and Finland, will focus on the commercialisation of key business interests and proactive ground exploration of what it described as “significant” gold targets.
The company said it had put in place a drill programme, which will commence shortly, to increase the known joint ore reserves resource of 517,000 ounces of gold at Clontibret, and to convert inferred into indicated resources for the purpose of calculating reserves.
The drill programme is also planned to expand the overall gold resource on the company’s licence area on which, as indicated in the company’s recent annual report, the combined Clay Lake/Clontibret area has the potential to host a significant number of contained ounces.
“Based on the work already done we believe we have the opportunity on our licence area in Ireland to develop a world class mining project,” Professor Richard Conroy, Chairman of Conroy Gold, said.
“The focus will be on Clontibret initially as we look to bring in the first gold mine on our property into production at the earliest opportunity.”
Last year the company found itself embroiled in legal issues after Patrick O’Sullivan, a minority shareholder in the company, claimed that he and his two nominees had been wrongfully stopped from becoming members of the board of directors at the company’s EGM in August.
Conroy Gold was successful against Mr O’Sullivan in the High Court proceedings.