Connemara narrows full year losses after remaining active

3rd Jun 2015 09:14

Connemara shareholders were disappointed with the miner's latest set of results, in which its chairman admitted he may be "be grasping at straws".Losses for the year totalled €0.31m, down from €0.35m the prior year, while basic losses per share narrowed from 1.06c to 0.74c.Chairman John Teeling said the firm is financially secure and has been active throughout the year and during the first part of 2015 "despite the appalling stock market environment".During the 12-month period the group consolidated its licence position on gold in the Donegal region and added a zinc licence near the former Galmoy zinc mine, but has faced "little or no interest from investors willing to hold on to shares while we pursue our long term exploration programmes"."We funded the company at the rock bottom share price of 2p only to see the price half on small volume," Teeling said."In recent weeks the share price has recovered slightly, but the company is capitalised at a fraction of the money spent on exploration." The firm's strategy is to get good ground, work up prospects and then find a partner to provide the funding and technology for more detailed and expensive exploration."Recent months has seen a pick-up in volume on AIM in resource stocks, there is more M&A activity, world economies are growing and the media is more positive toward metal price trends particularly relating to base metal prices. Zinc is selling above $2,300 a ton and rising," Teeling continued.However, he also admitted he "might simply be grasping at straws".