Connemara Mining Company plc Business Strategic Update (8255I)
26 March 2018 - 5:00PM
UK Regulatory
TIDMCON
RNS Number : 8255I
Connemara Mining Company plc
26 March 2018
26(th) March 2018
Connemara Mining Company plc
("Connemara" or the "Company")
Business Strategic Update
Connemara Mining Company plc (LON: CON), the Irish gold and zinc
exploration company, is pleased to update shareholders on the
strategic direction and focus of the Company going forward.
Jurisdiction
Connemara is focused on Ireland, which is highly ranked globally
in terms of geological potential and investment attractiveness. At
the recent Prospectors and Developers Association of Canada (PDAC)
conference there was significant interest in Irish opportunities
from investors and larger mineral companies. The Irish Minister of
State responsible for natural resources was also present
demonstrating strong Irish Government support. The Board considers
Connemara to be well placed in Ireland with project opportunities
that can attract major interest.
Licence Portfolio
Connemara has interests in 41 exploration licences ranging from
23.44% to 100% and is specifically focused on gold and zinc
opportunities. The strategic significance of this portfolio should
not be underestimated, at a time when resource companies are
seeking entry into Irish exploration, notably in zinc and gold. The
Company remains open to new partnerships and corporate transactions
in respect of our interests.
Joint Ventures
The Company currently has two key joint venture partners within
its zinc portfolio: Group Eleven Resources Corp and Teck, Canada's
largest diversified mining company. Joint venture partner
engagement continues proactively and the Company will provide
further updates, notably in respect of drilling being undertaken at
Stonepark North, the Company's 23.44% owned zinc JV at Stonepark.
Given the results to date, and its proximity adjacent to Glencore's
44 million tonne 8.0% zinc and lead deposit at Pallas Green (JORC
2012 compliant Inferred Mineral Resource) it is the Company's
intention to fully participate and maintain its 23.44% stake.
Exploration Activities
-- The Company's exploration licence portfolio contains three
main strategic elements, namely: a) the Inishowen Gold Project in
the Dalradian Rocks of Donegal in the northwest, b) the Mine River
Gold Project in the counties of Wicklow and Wexford located in the
region of the 1795 "goldrush" in the southeast, and c) zinc
exploration across multiple projects in the central and southern
regions, all either adjacent to known resources or existing mines
or in similar geologic settings. Across each project, the Company
is undertaking review and target identification to ensure its
exploration spend is focused on the most promising areas of
opportunity;
-- Work to date has identified numerous high profile targets and
further information will be communicated in this regard as reviews
progress;
-- From this work, the next phase of ground exploration, due to
commence shortly, will focus on a drill programme targeting
high-grade gold intersections and expanding prospect strike-length
at the Company's 100% owned Mine River Gold Project located in
counties Wicklow and Wexford;
-- Further details on the Company's geological modelling, target
identification and active ground programmes will be released in the
near-term. The Connemara Board are committed to delivery of
progress, across the Company's portfolio of interests, both
existing and those potentially acquired going forward;
New Opportunities
The Company is proactively reviewing a range of additional
opportunities.
Patrick Cullen, Chief Executive Officer of Connemara Mining,
commented: "We are pleased to present this review and to follow up
on our recent fundraising with an update on activity on the ground.
We are excited to be moving forward on our Irish gold assets. We
believe Ireland will emerge as a gold producing province and expect
to see a lot of activity in the coming months, with both progress
on mine developments, as well as new entrants to follow Connemara
in the exploration space. We've had early success at both our gold
projects and now we have funds to continue to build on that.
"On the zinc side of our business, we are also very pleased to
see drilling re-commence at the Stonepark joint venture, operated
by Group Eleven Resources Corp. Stonepark is an advanced zinc
exploration project, is well located adjacent to Glencore's Pallas
Green Project, and has demonstrated high-zinc grades. We look
forward to results there in the future.
"Strategically we are very excited with our current positioning.
Connemara has built a strong portfolio of assets during the lean
years and with a resurgent resource sector, combined with our
revitalised Board and strategy, we intend to leverage our portfolio
to deliver considerable value for shareholders."
This announcement has been reviewed and approved by Gavin
Berkenheger (CGeol) in his capacity as the Qualified Person for the
purposes of the AIM Guidance Note for Mining, Oil and Gas Companies
issued by the London Stock Exchange.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
INFORMATION FOR EDITORS
Connemara is a diversified exploration company with principal
assets in gold and zinc exploration licences across Ireland.
Connemara currently holds interests in a total of 41 licences,
including joint ventures with Teck at the Oldcastle Zinc Project
and with Group Eleven Resources Corp at the Stonepark Zinc
Project.
Further information can be sourced from the Company website:
www.connemaramc.com
ENDS
Enquiries:
Connemara Mining Company
Plc
John Teeling, Chairman +353 (0) 1 833 2833
+353 (0) 87 272
1748
+44 (0) 755 237
Patrick Cullen, CEO 8208
Northland Capital Partners
Limited
Matthew Johnson / Dugald +44 (0) 203 861
J. Carlean 6625
John Howes
First Equity
+44 (0) 207 374
Jason Robertson 2212
+44 (0) 207 138
Blytheweigh 3204
+44 (0) 783 185
Nick Elwes 1855
+44 (0) 781 784
Camilla Horsfall 1793
Teneo PSG
Luke Hogg +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
This information is provided by RNS
The company news service from the London Stock Exchange
END
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