Result of AGM

RNS Number : 2606S

Connemara Mining Company plc

06 July 2015

 

6^th July 2015

Connemara Mining Company plc ("Connemara")

Highlights of the Chairman's Statement to the AGM of

Connemara Mining Plc held In Dublin at 11am Monday 6^th July 2015.

Connemara has three joint exploration ventures, as well as one wholly owned gold exploration programme.

Oldcastle Zinc Licences

Joint venture with Teck spending €1.35 million to earn 75%.  Teck as operator have indicated they expect to drill three shallow holes on this block of 5 licences in the last half of 2015.  Teck have spent less than €800,000 to date so Connemara are fully covered.

Stonepark, Limerick Zinc Licences

No real work is being done by Teck, the 76.6% owner and operator of this block of licences.  The terms of the licences will require spending in 2016.  Connemara can opt to contribute their percentage to expenditure programmes or to accept dilution.

Wexford/Wicklow Gold Licences

Hendrick Resources of Canada have a joint venture which requires them to spend €500,000 to earn 51% and a further €500,000 to increase their percentage ownership to 75%.  Hendrick have not yet spent the minimum amount so they have no shareholding.  Drill ready targets have been identified but the funds required to drill have not been made available.

Donegal Gold Licences

10 in Stranorlar area and 5 in Inishowen.  These are sole risk to Connemara.  Initial results from the Inishowen exploration programme are very promising.  A follow up programme is being designed and costed and will be implemented in H2 2015.  Results from the Stranorlar block were patchy.

Corporate

Gold exploration is Ireland is growing.  There is interest in the ground held by Connemara.  Zinc fundamentals are improving.  Ireland is a zinc province so there is awakening interest in the opportunities in Ireland.  Final judgement has been made on the sums due to Connemara from Trampus Ltd in relation to a failed court action.  Payment is awaited.

All resolutions before the meeting were passed.

Ends

Enquiries:

Connemara Mining Company Plc
John Teeling, Chairman	[phone]
Jim Finn, Director
Northland Capital Partners Limited
William Vandyk/Gerry Beaney	[phone]
John Howes/Mark Treharne (Broking)
Dowgate Capital Stockbrokers Limited
Jason Robertson	[phone]
Blytheweigh	[phone]
Tim Blythe	[phone]
Halimah Hussain	[phone]
Camilla Horsfall	[phone]
PSG Plus
Aoife Ross	[phone]
Alan Tyrrell	[phone]

www.connemaramining.com

 

END

 

 

RAGPKADBKBKDCOK