Conroy Gold joint venture awarded options by Crown Estate

21st Mar 2022 11:25

(Sharecast News) - Ireland and Finland-focussed Conroy Gold announced on Monday that two Mines Royal Options have been granted to the Conroy Gold Armagh joint venture by the Crown Estate.

The AIM-traded firm said the grant of the options was the final outstanding condition to completing the joint venture agreement with Demir Export, as announced in January.

It said the two Mines Royal options at Keady and Newtownhamilton replaced the two Mines Royal options held by Conroy Gold in the Longford-Down Massif in Northern Ireland.

They cover areas encompassing the previous ones, and an additional 20 square kilometres.

Other than the change of grantee, the options were on similar terms to those previously held by Conroy Gold.

The company said the joint venture's aim, in addition to the development of the gold deposit in the Clontibret licence to construction-ready status and bringing it into production, was to take the Mines Royal options and other licences to construction-ready status.

"I am very pleased that the Crown Estate has granted these two Mines Royal options in Northern Ireland - this was the only outstanding condition to completion of the joint venture agreement with Demir Export," said chairman Richard Conroy.

"They have the mining expertise and the financial resources not only to bring the Clontibret gold deposit to construction ready status and into operation as a mine, but also to advance the significant gold potential of the other licences along the gold trend to the same status.

"As announced on 14 March, a drilling programme by the joint venture is due to commence towards the end of April."

At 1108 GMT, shares in Conroy Gold and Natural Resources were up 12.59% at 38p.