Connemara Mining Company plc ('Connemara')
Highlights of the Chairman's Statement to the AGM of
Connemara Mining Plc held In Dublin at 10am July 28 2016
Ø The gold price at €1,300 plus an ounce and a zinc price of $2,200 plus a tonne have recovered significantly and offer profitable exploration opportunities.
Ø Connemara holds 32 gold and zinc licences in Ireland and has expressed interest in additional ground.
Ø The focus of activity is the Inishowen area where a gold drilling programme has recently concluded. Results of two holes were reported this week identifying a potential new gold system.
Ø Results for the remaining two holes will be available within weeks. It is very early days in the exploration campaign so caution is advised.
Ø Our second gold focus is the Hendricks joint venture on 5 licences in the Wicklow/Wexford area. We are hopeful that funds are forthcoming to drill two areas, Knocknaloor and Tombreen, where earlier drilling discovered high gold grades.
Ø The rising zinc price should encourage exploration on our two zinc joint ventures, Oldcastle in Meath and Stonepark in Limerick both operated by Teck Resources, a Canadian based mining multinational. The Irish subsidiary of Teck does not have a drilling budget for our ground though they are maintaining the licences in good standing.
Ø We have surrendered three zinc licences in the Tipperary area while expressing an interest in new ground.
All resolutions were duly passed at the meeting.