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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Conroy Diam&Gld | LSE:CDG | London | Ordinary Share | IE0002163354 | ORD EUR0.03 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 6.375 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
To be embargoed until 7.00am on Monday 25th February, 2008.
Conroy Diamonds and Gold Plc
Unaudited Interim Results for the six months
ended 30 November 2007.
CHAIRMAN'S STATEMENT
I have great pleasure in presenting your Company's Interim Report for the six
months ended November 2007, a period during which your Company made further
progress with its exploration programmes for gold in both Ireland and Finland.
Indicated Resource Estimate For Clontibret Gold Deposit Tripled to 200,000
ounces
Your Company has tripled its indicated gold resources at Clontibret to 200,000
ounces. The indicated tonnes and grade have increased by 108 per cent and 64
per cent respectively and total inferred resources are now 6 million tonnes
grading 2.4 grammes/tonne ("g/t") gold. These JORC-compliant resources relate
to one closely drilled area amounting to less than 20 per cent of the
Clontibret target anomaly.
Using a 1g/t cut-off, the Indicated Resources now stands at 2.7m tonnes,
grading 2.3 g/t gold for 200,000 ounces contained. Inferred resources, also at
a 1g.t cut-off, amount to 6m tonnes grading 2.4 g/t for 460,000 ounces
contained. The estimates have been calculated to an average depth of
approximately 150m below surface and the mineralisation remains open at depth
and along strike.
The revised resource estimates are based on the generation of a new detailed
3-dimensional orebody model, incorporating all existing data and utilizing
refined geological wire-frames and geostatistical correlations, including
archive core and new assay results.
Your Company's gold target at Clontibret is but one of a series of gold
occurrences in the Longford-Down Massif where your Company has identified a
gold-bearing trend that extends for at least 50 miles along strike from Co.
Armagh in Northern Ireland, through Co. Monaghan and into Co. Cavan in the
Republic of Ireland.
Further geological modelling of the overall target area at Clontibret has also
given your Company a better understanding of the orebody, both in the immediate
vicinity of the JORC-compliant resource and over the remaining 80 per cent of
the target anomaly.
Your Company's ongoing evaluation work at Clontibret has already paid dividends
with this substantial upgrade in the tonnes and grade of the Indicated
Resource. It must also be remembered that this relatively shallow
mineralisation is open at depth and is confined to only a small part of the
target anomaly.
The upgrade in itself represents further significant progress at Clontibret,
but your Directors believe that additional work on the target area, including
drilling, will result in a substantial increase in the total size of the
resource.
Furthermore, your Company is also now taking the first steps to implement a
scoping and pre-feasibility study on the Clontibret target with the aim of
converting present and anticipated future. Indicated Resources into the Reserve
category with the ultimate objective of demonstrating the feasibility of an
economically viable start-up mining operation.
Exploration also continues in Finland on your Company's Sodankyla licences in
the Central Lapland Greenstone Belt, an area highlighted by the Geological
Survey of Finland as having strong potential for gold mineralisation.
Finance:
The results for the half-year are set out below. The loss for the period was Euro
166,698. (2006 loss Euro172,363).
Your Board is considering various options to finance and gain the maximum
benefit from its exploration success.
Directors and Staff
I would like to thank my fellow directors, staff and consultants for their
support and dedication, which has enabled the continued outstanding progress of
the Company. I look forward to the future with confidence.
Yours faithfully,
Professor Richard Conroy
Chairman.
25 February 2008
UNAUDITED BALANCE SHEET
At 30 November 2007
30 November 30 November 31 May 2007
2007 2006
(Unaudited) (Unaudited) (Audited)
Euro Euro Euro
Fixed Assets
Mineral interests 7,337,620 7,233,917 7,136,877
Financial fixed asset 2 2 2
Tangible assets 30,934 37,870 32,104
_________ _________ _________
7,368,556 7,271,789 7,168,983
Current Assets
Debtors 35,264 45,290 37,707
Cash in hand 50,606 18,838 105,954
_________ _________ ________
85,870 64,128 143,661
Creditors:
Amounts falling due within one (97,463) (206,902) (104,960)
year
_________ _________ _________
Net Current Assets/(Liabilities) (11,593) (142,774) 38,701
_________ _________ _________
Total Assets less Current 7,356,963 7,129,015 7,207,684
Liabilities
Creditors:
Amounts failing due after more (942,413) (518,303) (687,168)
than one year
_________ _________ _________
Net Assets 6,414,550 6,610,712 6,520,516
_________ _________ _________
Capital and Reserves
Called up share capital 3,170,649 3,170,649 3,170,649
Capital conversion reserve fund 30,617 30,617 30,617
Share premium account 5,491,037 5,472,337 5,491,037
Share based payments reserve 181,982 93,150 121,250
Profit and loss account (2,459,735) (2,156,041) (2,293,037)
_________ _________ _________
Shareholders' Funds - all equity 6,414,550 6,610,712 6,520,516
_________ _________ _________
UNAUDITED PROFIT AND LOSS ACCOUNT
For half year ended 30 November 2007
Six months Six months Year
ended ended
Ended
30 November 30 November
2007 2006 31 May
2007
(Unaudited) (Unaudited) (Audited)
Euro Euro Euro
Operating expenses (166,698) (173,624) (376,320)
Other income - 1,261 1,261
________ ________ ________
Loss on ordinary activities (166,698) (172,363) (375,059)
Tax on loss on ordinary activities - - -
Loss for period (166,698) (172,363) (375,059)
Profit and loss account at beginning of (2,293,037) (1,983,678) (1,917,978)
period
Profit and Loss account at end of period (2,459,735) (2,156,041) (2,293,037)
Loss per share (Euro0.0016) (Euro0.0020) (Euro0.0038)
UNAUDITED CASH FLOW STATEMENT
For half year ended 30 November 2007
30 November 30 November 31 May
2007 2006
2007
(Unaudited) (Unaudited) (Audited)
Euro Euro Euro
Net Cash Outflow from Operating (165,744) (341,098) (385,743)
Activities
Capital Expenditure and Financial (205,581) (1,452,063) (1,520,936)
Investments
________ ________ _________
Net Cash Outflow before financing (371,325) (1,793,161) (1,906,679)
Financing 315,977 1,499,603 1,700,236)
________ ________ ________
Decrease in Cash (55,348) (293,558) (206,443)
Notes to the Financial Statements
1. Publication of non-statutory accounts
The financial information set out in this document does not comprise the
statutory accounts of the Company.
2. Loss per share
The calculation of the loss per ordinary share of Euro0.0016 (2006 - Euro0.0020) is
based on the loss for the half year of Euro166,698 (2006 - Euro172,363) and the
weighted average number of ordinary shares on a basic and fully diluted basis
during the period of 105,688,297 (2006 - 88,001,036). Share options and
warrants are not included in the calculation of fully diluted shares since the
Company incurred a loss in 2007 which results in these potential shares being
anti-dilutive.
3. Dividends
No dividends were paid or are proposed in respect of the period ended 30
November, 2007.
4. A copy of the Interim Report will be sent to all shareholders shortly and
will be available from the Company's registered office, 10 Upper Pembroke
Street, Dublin 2.
Further enquiries:
Professor Richard Conroy
Conroy Diamond and Gold plc 00 353 1 661 8958
Jeffrey Coburn
John East & Partners Limited 020 7628 2200
Charles Dampney
City Capital Limited 020 7822 7107
END
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