Business
Half Yearly Report
Half Yearly Report.
About this update from Arkle Resources Plc
[{"type":"text","content":"\n RNS Number : 5526T Connemara Mining Company plc 30 September 2010 \n \n\n30th September 2010\n \nConnemara Mining Company PLC\n \nInterim Statement for the period ended 30th June 2010\n \n \n\n\n\n\n-\n\n\nConnemara holds a 25% interest in 16 exploration licences in an emerging world class zinc district in Limerick.\n\n\n\n\n\n\n\n\n\n\n\n\n-\n\n\nDrilling on the Stonepark project has intersected significant zinc mineralisation.\n\n\n\n\n\n\n\n\n\n\n\n\n-\n\n\nZinc price forecasts are positive.\n\n\n\n\n\n\n\n\n\n\n\n\n-\n\n\nConnemara raised £1 m in July 2010 which will fully fund the drilling programme to the end of 2011.\n\n\n\n\n\n\n\n\n\n\n\n\n-\n\n\n9 drill holes remain to be completed in the 2010 programme.\n\n\n\n\n\n\n\n\n\n\n\n\n-\n\n\nA further 80 are planned for 2011.\n\n\n\n\n \nThis is a very exciting time for Connemara shareholders. The zinc mineralisation discovered in the Limerick basin is emerging as a world class find. Xstrata/Minco recently announced an inferred resource of 24.1 million tons of 7.85% zinc and 1.35% lead at the Pallas Green project, close to the Stonepark discovery of Connemara/Teck. In recent months Connemara has announced a series of high-grade zinc-lead intersections occurring within a zone covering a surface area of 650 metres by 150 metres in the Stonepark North zone. This zone remains open in all directions. The Connemara exploration programme is at a earlier stage than that of Xstrata/Minco but the potential for a large economic deposit is considered to be excellent. \n \nIt is a good time to be in zinc. Zinc is used in cars, housing, appliances and electronics, all uses growing rapidly due to demand in India, China, Brazil and other emerging economies. Supply is currently flat with a significant production deficit anticipated over the next decade. Fifty mines will close within the next 6 years. There are few new projects scheduled to come on stream, which should result in a growing supply/demand gap. Zinc price forecasts are positive. \n \nWhy explore for zinc in Ireland? Simply because it is a world class zinc province, being number one in the world for discoveries per square kilometre. Irish zinc mines produce a clean zinc concentrate that is highly valued and sought after by smelt...