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CGNR Conroy Gold & Natural Resources Plc

11.25
0.00 (0.00%)
18 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Conroy Gold & Natural Resources Plc LSE:CGNR London Ordinary Share IE00BZ4BTZ13 ORD EUR0.001 (CDI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 11.25 11.00 11.50 11.25 11.25 11.25 0.00 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Gold Ores 257k -363k -0.0081 -13.89 5.04M

Conroy Gold & Natural Resources Plc MINES ROYAL OPTIONS GRANTED TO JV COMPANY

21/03/2022 7:00am

UK Regulatory


 
TIDMCGNR 
 
21 March 2022 
 
                 Conroy Gold and Natural Resources plc 
 
                       ("Conroy Gold" or the "Company") 
 
                          MINES ROYAL OPTIONS GRANTED 
 
                            TO JOINT VENTURE COMPANY 
 
  * Grant of Mines Royal Options completes conditions for Joint Venture between 
    Conroy Gold and Demir Export 
  * The Options replace Mines Royal Options previously held by Conroy Gold in 
    Northern Ireland 
  * Options cover similar areas in Longford-Down Massif in Northern Ireland 
 
Conroy Gold and Natural Resources PLC (AIM: CGNR), the gold exploration and 
development company focused on Ireland and Finland, is pleased to announce that 
two Mines Royal Options have been granted by the Crown Estate to the Joint 
Venture company, Conroy Gold (Armagh) Limited. The grant of these options meets 
the final outstanding condition precedent to completion of the Joint Venture 
Agreement (the "JV"), with Demir Export A.? ("Demir Export") (as announced on 4 
January 2022). 
 
The two Mines Royal options, Mines Royal C1 (Keady) and Mines Royal C3 
(Newtownhamilton), granted to the Joint Venture Company replace the two Mines 
Royal options held by Conroy Gold in the Longford-Down Massif in Northern 
Ireland and cover areas encompassing those previously held, together with, in 
Mines Royal C1, an additional c. 20 sq km. Other than the change of grantee, 
the Mines Royal options are on similar terms to those previously held by the 
Company. 
 
The JV's aim, in addition to the development of the gold deposit in the 
Clontibret Licence to construction ready status and then bringing it into 
production as a gold mine, is to take the Mines Royal Options/Northern Ireland 
Licences, and the other Licences held by the JV, to construction ready status. 
 
Demir Export is a long-established mining company with interests in iron, coal, 
gold and base metals, including zinc and copper, in Turkey.  It has a strong 
in-house technical team with mining and exploration expertise. Demir Export 
brings over 60 years of mine operating experience to bear on the project and it 
places a strong emphasis on the adoption of international environmental, and 
health and safety management standards. 
 
The investment by Demir Export will be directly into three Joint Venture 
companies, Conroy Gold (Armagh) Limited, Conroy Gold (Clontibret) Limited and 
Conroy Gold (Longford Down) Limited, each holding a relevant licence or group 
of licences. 
 
Key Terms of the JV 
 
  * Demir Export to expend ?4.5 million in work commitments (except Demir 
    Export in-house costs, Operator fees and Minimum Regulatory Work 
    Commitments) to earn-in a 25% option in the project in the first phase of 
    the earn-in period. 
  * Demir Export to expend an additional ?4.5 million in work commitments 
    (except Demir Export in-house costs, Operator fees and Minimum Regulatory 
    Work Commitments) to earn an additional 15% option in the second phase of 
    the earn-in period, again in the project. 
  * Expenditure by Demir Export of the additional funds required to reach 
    construction-ready status to earn-in an additional 17.5% option in the 
    third phase of the earn-in period of a given development thus increasing 
    Demir Export's holding to a total of 57.5% in that development. 
  * At construction-ready status at Clontibret and / or other developments, 
    Conroy Gold to retain a 42.5% interest with various options including a 
    "Carry Loan" on capital expenditure to commercial production whilst still 
    retaining a 25% interest. 
  * Under the terms of the Agreement, on closure, Demir Export is to make a 
    cash payment of ?1 million to Conroy Gold. 
 
Following completion of the outstanding condition on the Joint Venture, Conroy 
Gold and Demir Export will now proceed to complete the JV agreement in 
accordance with its terms, one of which is the payment of ?1 million by Demir 
Export to Conroy. 
 
Full details of the JV can be found in the EGM circular available on the 
Company's website (www.conroygold.com) and the material aspects in the 
announcement of 30 November 2021. 
 
Professor Richard Conroy, Chairman, commented: 
 
"I am very pleased that the Crown Estate has granted these two Mines Royal 
options in Northern Ireland to Conroy Gold (Armagh) Limited. This was the only 
outstanding condition to completion of the Joint Venture Agreement with Demir 
Export. 
 
My colleagues and I look forward very much to working with the Demir Export 
team and building a long term, successful relationship. 
 
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 2022 a drilling programme by the JV is due to commence 
towards the end of April. I look forward to making further announcements in due 
course." 
 
For further information please contact: 
 
Conroy Gold and Natural Resources PLC              Tel: +353-1-479-6180 
 
Professor Richard Conroy, Chairman 
 
                                                   Tel: +44-20-3328-5656 
Allenby Capital Limited (Nomad) 
 
 
Nick Athanas/Nick Harriss 
 
First Equity Limited (Broker)                      Tel: +44-20-7330-1883 
 
 
Jason Robertson 
 
Lothbury Financial Services                        Tel: +44-20-3290-0707 
 
Michael Padley 
 
Hall Communications                                Tel: +353-1-660-9377 
 
Don Hall 
 
www.conroygold.com 
 
 
 
 
END 
 
 

(END) Dow Jones Newswires

March 21, 2022 03:00 ET (07:00 GMT)

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