Business
Interim Statement for period ended 30 June 2014
Interim Statement for period ended 30 June 2014.
About this update from Arkle Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8493R Connemara Mining Company plc 17 September 2014 \n \n\n17 September 2014\n \nConnemara Mining Company\nInterim Statement for the period ended 30 June 2014\n \n \nConnemara has continued to examine, select and apply for exploration acreage in Ireland. This despite a private buyers strike on the AIM Market for junior exploration companies. Lack of buying and investing interest makes funding very difficult even at very low prices. One has to believe that investors at current prices will do very well when the cycle turns and explorers, once again, become fashionable. A low share price, a reasonable balance sheet, good projects and an AIM listing underpin the investment case for shareholders in Connemara. \n \nConnemara does very well with limited resources. Our two joint ventures with Teck, in Stonepark Limerick and Oldcastle, allows us to participate at minimal cost in big exploration programmes. Teck has reduced zinc exploration in Ireland. In Stonepark, Teck are spending €140,000 to refine what they know. Connemara is contributing 23% towards this budget. In the Oldcastle area, active geophysics and geochemical programmes have led to the identification of drill targets. We are hoping that at least one hole will be drilled this year. Teck have to spend a further €750,000 to earn a 75% interest - this before we have to contribute.\n \nThere are signs of activity in the gold sector in Ireland. Dalradian have raised $20 million for trial mining in Tyrone. Galantas are looking for funds to expand their small mine near Omagh. Hendricks, our partner in Wicklow/Wexford, continues to do geophysics to better define drill targets. Here too, we are hopeful of some drilling by year end. Hendricks are spending €1 million on our ground to earn a 75% interest. They have spent about €400,000.\n \nWe have been active in obtaining new ground. The gold licences in Donegal looked good on paper but the results to date are not exciting. We actively sought licences in the Lisheen/Galmoy zinc mines area. We were awarded one. This block is prospective for zinc.\n \nWe continue to review other opportunities as they become available. Recent proposals have not been ...