TIDMCGNR
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ("MAR").
17 November 2016
Conroy Gold and Natural Resources plc
("Conroy" or "the Company")
Final Results For The Year Ended 31 May 2016
Notice of Annual General Meeting
Conroy (AIM: CGNR; ESM: CGNRI), the Irish based resource company exploring and
developing gold and other projects in Ireland, is pleased to announce its
results for the year ended 31 May 2016.
Highlights:
* New Gold Zones discovered at Clontibret
* High Grades and Wide Gold Zones Intersected
* Multimillion oz Gold potential targeted at Clay Lake-Clontibret
* Fundraises of GBP375,000 in December 2015 and GBP1,015,000 in May 2016 to help
fund the advancement of the Company's principal gold opportunities and
general working capital purposes
Chairman, Professor Richard Conroy commented:
"I am delighted with the excellent progress in the Company's exploration
programme at Clay Lake-Clontibret. The high gold grades, gold continuity and
wide intersections in the gold mineralisation, which is open at depth and along
strike, lends further credence to the Company's targeted multimillion ounce
gold potential at Clay Lake - Clontibret."
Further Information:
Conroy Gold and Natural Resources plc Tel:
+353-1-661-8958
Professor Richard Conroy, Chairman
Allenby Capital Limited (Nomad) Tel:
+44-20-3328-5656
David Hart/James Thomas/Nick Harriss
Hybridan LLP (Broker) Tel: +44-20-3764
2341
Claire Louise Noyce/Niall Pearson/William Lynne
IBI Corporate Finance Limited (ESM Adviser) Tel:
+353-766-234-800
Ger Heffernan / Jan Fitzell
Lothbury Financial Services Tel:
+44-20-3290-0707
Michael Padley
Hall Communications Tel:
+353-1-660-9377
Don Hall
CHAIRMAN'S STATEMENT
Dear Shareholder,
I have great pleasure in presenting your Company's Annual Report and
Consolidated Financial Statements for the financial year ending 31 May 2016.
Excellent infill drilling results were reported at Clontibret during the year.
New gold zones were discovered together with high grades and wide gold
intersections. The adjacent Clay Lake and Clontibret sites were unified as a
single mining project with an exploration target of 5 million oz. gold. A
total of GBP1,390,000 in new equity capital was raised during the year.
CLAY LAKE - CLONTIBRET
A JORC compliant resource of over 0.6 million Au (Gold), using a minimum mining
width of 2 metres and a cut-off grade of 0.6 g/t Au has already been
established on 20% of the geochemical target at Clontibret. The mineralisation
at Clontibret remains open along strike, at depth and over the remaining 80% of
the geochemical target area.
The adjacent Clay Lake geochemical target has recently been shown to be
approximately 3km in length, up to 2km in width and to have a surface area of
over 200 hectares (c500 acres). The results of structural studies and wide
zones of gold mineralisation already reported indicate the potential for high
tonnage and overall gold content at Clay Lake.
A Scoping Study prepared by independent consultants Tetra Tech Wardrop
demonstrated that the established resource (on 20% of the Clontibret target
area only) was technically and financially viable. A detailed mine development
plan is in place for this resource using a starter pit which focussed on a high
grade, densely drilled portion of the resource. At current gold prices, the
starter pit alone at Clontibret has an estimated net present value greater than
US$70m, using an 8% discount rate.
Having established commercial viability of the initial resource, your Company
has targeted growing the size of the asset through unifying the Clay Lake and
the Clontibret targets into a single mining project and embarking on a drilling
programme. A quantitative risk assessment by consultant geologist Professor
Garth Earls has established an initial combined exploration target of five
million oz. of gold across the overall Clay Lake - Clontibret project.
Further drilling is required to bridge the gap between the existing resource of
0.6 million oz and the exploration target of five million oz but while there
can be no certainty that future resource estimates for the project will achieve
the exploration target, your Company is confident that additional drilling will
significantly improve the resource.
Gold Lode continuity at Clontibret was confirmed by an independent study by
structural geologist Dr. Francis Murphy. The structural study was carried out
on the stream bedrock in Clontibret. Eight gold lodes were identified in the
stream bedrock. These lodes all corresponded to gold lodes previously
identified by the drilling programme, thus confirming the continuity of the
mineralisation.
The confirmation of continuity in the gold lodes, taken in conjunction with
drilling results and channel sampling results from the old antimony mine
workings at Clontibret, enhances the Company's understanding of gold
mineralisation within the Clontibret gold mining project.
The new study complimented your Company's ongoing drilling programme and is a
further major step forward with our plans for development at your Company's
Clay Lake - Clontibret gold project.
Excellent drilling results were reported at Clontibret at the south western
part of your Company's Clay Lake - Clontibret gold property with new gold
zones, high grade gold and wide intersections observed. High grades and wide
intersections included 0.50m at 25.85 g/t gold in one of the already known gold
zones and 5.75m grading 5.04 g/t gold in one of the newly discovered gold
zones.
Five new gold zones (lodes) were discovered during the latest drilling, which
was announced after the year end. Gold intersections were also made in four
known gold zones in the area, confirming continuity of these lode zones. The
deposit remains open to depth and in all directions.
The drilling focused on upgrading, at this stage to a depth of 200m, an area
where previous drilling had indicated the potential for significant widths and
gold grades. Intercepts drilled included;
* 5.00m grading 2.87 g/t gold (39m depth; New Lode 'A')
* 0.45m grading 3.28 g/t gold (70m depth; New Lode 'C')
* 5.75m grading 5.04 g/t gold (82m depth; New Lode 'D')
* 2.25m grading 10.47 g/t gold (96m depth Known Lode) including
0.50m grading 25.85 g/t gold
* 1.25m grading 3.21 g/t gold (157m depth; Known Lode)
* 1.25m grading 2.40 g/t gold (187m depth; New Lode 'E')
NEW GOLD ZONES AT GLENISH
In July 2016, we announced four new gold zones were intersected in a drilling
programme on your Company's Glenish gold target.
The drilling results, together with previous channel sampling in the area which
had proved 1.3 metres grading 9.4 g/t gold, demonstrated the presence of the
four new gold zones in a 150 metre wide structural corridor in the western part
of the Glenish gold target.
The new drilling results included intersections of 2.25 metres grading 2.65 g/t
gold, at a depth of 18 metres; 2.00 metres grading 1.59 g/t gold at a depth of
27.75 metres; 2.75 metres grading 1.43 g/t gold at a depth of 36 metres and
3.00 metres grading 1.76 g/t gold at a depth of 64.25 metres.
The gold mineralisation in bedrock in the drilling area was traced down dip for
over 70 metres and remains open in all directions.
The Glenish gold target is a large, 147 hectare, gold-in-soil anomaly located
7.5km southwest of the Company's Clay Lake-Clontibret gold target where the
Company is targeting a potential of five million ounces of gold.
BASE METAL AND OTHER GOLD TARGETS
Exploration also continued for zinc and other metals on your Company's other
exploration properties in Ireland as well as for gold in Finland.
FINANCE
The loss after taxation for the year ended 31 May 2016 was EUR292,165 (2015: EUR
315,314) and the net assets as at 31 May 2016 were EUR17,113,858 (2015: EUR
15,321,650).
On 14 December 2015 the Company reorganised its share capital by subdividing
and reclassifying each issued ordinary share of EUR0.01 as one ordinary share of
EUR0.00001 each and one deferred share of EUR0.00999 each and consolidated the
reclassified ordinary shares of EUR0.00001 each into shares of EUR0.0001 each.
Following the reorganisation, on 21 December the Company raised GBP375,000
through the issue of 1,153,845 shares at 32.5p each and on 4 May 2016 a further
GBP1,015,000 through the issue of 5,486,185 shares at 18.5p.
AUDITORS
I would like to take this opportunity to thank the partners and staff of
Deloitte for their services to your Company during the course of the financial
year.
DIRECTORS
It is with deep regret that I report that Henry H. Rennison, Non-Executive
Director passed away during the year. His dedication, experience, advice and
support contributed to a major degree to our Company.
I am very pleased to welcome Professor Garth Earls to our Board. His knowledge
and experience will significantly contribute to the Company in his new role as
Director.
I would like to express my deep appreciation of support and dedication of all
the directors, consultants and staff, which has made possible the continued
progress and success, which your Company has achieved.
FUTURE OUTLOOK
Your Company has continued to make excellent progress in its exploration and
development programme. Clay Lake and Clontibret may well contain a total of
five million ounces whilst at Glenish four new gold zones were discovered,
making nine in all. The current drill programme has identified high grade and
wide zones of gold mineralisation, that is open at depth and along strike
across the target areas. I look forward to this continuing into 2017.
Professor Richard Conroy
Chairman
16 November 2016
CONSOLIDATED INCOME STATEMENT
FOR YEAR ENDED 31 MAY 2016
2016 2015
EUR EUR
OPERATING EXPENSES (291,486) (315,314)
-
Finance income - bank interest -
receivable
Finance costs - interest on shareholder (679) -
loan
LOSS BEFORE TAXATION (292,165) (315,314)
Taxation - -
LOSS FOR THE YEAR (292,165) (315,314)
Loss per ordinary share - basic and (EUR0.0479) (EUR0.0012)
diluted
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2016
2016 2015
ASSETS EUR EUR
Non-current Assets
Intangible assets 16,693,602 17,561,838
Property, plant and equipment 16,150 17,983
18,712,752 17,579,821
Current Assets
Trade and other receivables 38,334 63,586
Cash and cash equivalents 687,708 23,480
726,042 87,066
Total Assets 19,438,794 17,666,887
EQUITY AND LIABILITIES
Capital and Reserves
Called up share capital 11,014 4,373,208
Called up deferred share capital 10,504,431 6,135,597
Share premium 10,649,252 8,855,525
Capital conversion reserve fund 30,617 30,617
Share based payments reserve 1,464,030 1,120,009
Retained losses (5,545,486) (5,193,306)
Total Equity 17,116,858 15,321,650
Non-current Liabilities
Convertible loan -
Financial Liabilities 135,287 191,022
Total Non-current Liabilities 135,287 191,022
Current Liabilities
Trade and other payables 2,189,649 2,154,215
Total Current Liabilities 2,189,649 2,154,215
Total Liabilities 2,324,936 2,345,237
Total Equity and Liabilities 19,438,794 17,666,887
CONSOLIDATED CASH FLOW STATEMENT
FORR THE YEAR ENDED 31 MAY 2016
2016 2015
EUR EUR
Cash flows from operating activities
Cash generated by operations 41,014 147,396
Net cash generated by operating activities 41,014 147,396
Cash flows from investing activities
Investment in exploration and evaluation (858,769) (1,459,440)
Payments to acquire property, plant and - (15,673)
equipment
Net cash used in investing activities (858,769) (1,475,113)
Cash flows from financing activities
Issue of share capital 1,800,369 935,832
Share issue cost (60,015) -
Interest paid on shareholder loan (679) -
Amounts repaid to shareholders (201,955) -
Advances from Related Parties - 336,993
Net cash generated from financing 1,481,983 1,272,825
activities
Increase/(Decrease) cash and cash 664,228 (54,892)
equivalents
Cash and cash equivalents at beginning of 23,480 78,372
year
Cash and cash equivalents at end of year 687,708 23,480
Notes to the Financial Statements
1. Publication of non-statutory accounts
The financial information set out in this preliminary announcement are
abbreviated accounts as defined in Section 1119 of the Companies Act 2014.
The financial information for the period ended 31 May 2016 has been extracted
from the Company's financial statements to that date which have received an
unqualified auditor's report but have not yet been delivered to the Registrar
of Companies.
2. Earnings per share
The calculation of the loss per ordinary share of EUR0.0479 (2015 - EUR0.0008) is
based on the loss for the financial year of EUR292,165 (2015 - EUR315,314) and the
weighted average number of ordinary shares in issue during the year of
5,295,110 (2015 - 405,603,539).
Since the Company incurred a loss the effect of share options and warrants
would be anti-dilutive.
3. Dividends
No dividends were paid or are proposed in respect of the period ended 31 May,
2016.
4. Copies of Accounts
A copy of the Annual Report and Financial Statements will be available on the
Company's website www.conroygold.com and will be available from the Company's
registered office, 9 Merrion Square North, Dublin 2. It will also be posted to
shareholders who requested a hard copy. Notice of the Annual General Meeting to
be held on 9 December 2016 and Proxy Form were sent to shareholders on 16
November 2016 and are also available on the website.
END
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