Business
Acquisition of Finnish gold interests
Acquisition of Finnish gold interests.
About this update from Conroy Gold & Natural Resources Plc
[{"type":"text","content":"\n \n To be embargoed until 7.00am\n\n 16 October 2006\n\n Conroy Diamonds and Gold P.l.c. \n\n (\"Conroy\" or \"the Company\") \n\n ACQUISITION OF GOLD ASSETS IN FINLAND \n\nThe Company. proposes to expand its gold exploration interests by acquiring\nfrom Conroy P.l.c. that company's gold exploration assets in Finland for a\nconsideration of €1 million(£675,300) to be satisfied by the issue of\n19,294,286 New Ordinary Shares. These assets include 9 Exploration Licences\nheld by Trans-International Mineral Exploration Limited (\"TIMEL\") a wholly\nowned subsidiary of Conroy P.l.c., in the Central Lapland Greenstone Belt\ntogether with an extensive geological and geophysical database. The Directors\nbelieve that Finland has excellent prospects for gold and is under-explored by\nworld standards.\n\nThese gold exploration assets in Finland will supplement the Company's existing\ngold interests in the Longford-Down Massif in Ireland and will, in the\ndirectors' opinion, expose Conroy to new and exciting gold exploration\nopportunities in an area which is highly prospective and is quickly becoming\nthe location of a burgeoning gold mining and exploration industry in a mining\nfriendly environment.\n\nMost of Finland lies on the so-called Baltic Shield- the ancient cratonic mass\nforming the core of North Western Europe. Although underlain by this major\ncratonic mass, Finland has not been subjected to the same exploration effort\nseen in other shield areas (e.g. Southern Africa, Western Australia, Canada)\nand gold has been largely produced as a by-product of operations in massive\nsulphide deposits.\n\nStudies by the Geological Survey of Finland (\"GTK\") have resulted in a\nreappraisal of Finland's gold potential indicating a high potential for gold in\nCentral Lapland and by 1991 the first gold mine in Finland was in operation.\nThis was followed by the discovery of the Suurikuusikko gold deposit in the\nCentral Lapland Greenstone Belt, which is estimated to have a resource of over\n2,000,000 oz. Au and is now under development by the Canadian gold mining\ncompany Agnico - Eagle. Mines Limited\n\nConroy P.l.c. has carried out an active exploration programme for gold in\nFinland and has acquired a significant knowledge of the style of gold\ndeposition and mineralisation, in particular in the Central Lapland Greenstone\nBelt. Con...