Joint Venture Agreement

RNS Number : 4446Q

Connemara Mining Company plc

19 October 2011

 



Joint Venture deal has been signed with Boliden AB

(Boliden Tara Mines Limited)

Connemara is pleased to announce that a joint venture deal has been entered into with Boliden Tara Mines Limited ("Boliden Tara Mines") a subsidiary of Swedish metals company Boliden AB ("Boliden") on our Oldcastle Block of licences in Cavan and Meath.  Under the terms of the agreement Boliden Tara Mines can earn a 65% stake in the ground. Whilst the terms of the agreement have been agreed by the two parties, the joint venture is still subject to government approvals.

Early stage exploration under the JV will include extensions of current soil coverage, lithogeochemical sampling and shallow stratigraphical and lithogeochemical drilling.

About Boliden

Boliden is a leading European metals company whose core competence is in the fields of exploration, mining, smelting and recycling.  Boliden's main metals are zinc and copper. Other important metals extracted and refined include lead, gold and silver. The operations are conducted in two Business Areas: Mines and Smelters. The number of employees is approximately 4 400 and the turnover in 2010 amounted to approximately SEK 37 billion. Its shares are listed on NASDAQ OMX Stockholm, segment Large Cap and on the Toronto Stock Exchange in Canada. www.boliden.com

Enquiries:

Connemara Mining Company Plc

John Teeling, Chairman                                                                                 [phone]

Jim Finn, Financial Director

Westhouse Securities Limited

Richard Baty                                                                                                       [phone]

Tim Feather

College Hill

Nick Elwes                                                                                                          [phone]

                                                www.connemaramining.com

 

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