Conroy Gold Shoots Up 20% in Early Trading

Share On Facebook
share on Linkedin

Conroy Gold and Natural Resources Plc (LSE:CGNR) announced on Friday that it has received an updated resource and evaluation report indicating a significant increase in resources. The news prompted a rise in shares of around 20% in early trading, with the share price at 3.125 p at 10:45 GMT.

Resource Evaluation Details

The updated resource and evaluation report was prepared by Tetra Tech Wardrop Engineering Inc on Conroy Gold’s wholly owned Clontibret gold project in Co. Monaghan, Ireland. According to the company’s statement, the evaluation was prepared according to Joint Ore Reserves Committee standards. The report is an update to an earlier report that was also prepared by Tetra Tech.

The updated report indicates that there is an increase in resources to over 600,000 ounces of gold with a mine life of 11.2 years. The report shows an increase in tonnage to 11,709,700 tonnes and a 19% increase in total ounces of gold.

Further Summary Information

The report also indicated that operating costs have been reduced 35% due to economies of scale, and the production rate doubled from 400,000 to 800,000 tonnes per annum.

The findings also decreased the gold grade from 2.19 g/t to 1.53 g/t of gold with a recovery rate of approximately 85% using a bio-oxidation process.

The report’s economic evaluation assumed a long term gold price of US$1,372, giving the company a 49.4% internal rate of return and a net present value at an 8% discount rate of US$72.3 million.

Company Chairman Comments

Professor Richard Conroy commented on the matter:

“The mine economics are transformed by these results with an over 100 per cent increase in contained gold, a substantial increase in gold production, a reduction in operating costs of over 30 per cent, an increase in mine life to over 11 years, and a two year payback period.”

Company Spotlight

Conroy Gold and Natural Resources Plc was formed by Professor Conroy in 1995. It is an AIM traded mining company based out of Dublin, Ireland with an operational focus on Ireland. The company holds licenses which cover approximately 400 square miles.

↑ Conroy Gold News Release
 Company Overview

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

Do you want to write for our Newspaper? Get in touch:

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20230127 05:02:08