Conroy Gold & Natural Resources Plc Completion of Joint Venture Agreement
March 31 2022 - 5:15AM
UK Regulatory
TIDMCGNR
The information contained within this announcement is deemed by the Company to
constitute inside information for the purposes of Regulation 11 of the Market
Abuse (Amendment) (EU Exit) Regulations 2019/310. Upon the publication of this
announcement via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
31 March 2022
Conroy Gold and Natural Resources plc
("Conroy Gold" or the "Company")
COMPLETION OF JOINT VENTURE AGREEMENT
* Joint Venture Agreement between Conroy Gold and Demir Export completed
* All outstanding conditions met
* Payment of ?1 Million made to Conroy Gold
* Work programme commenced
Conroy Gold and Natural Resources PLC (AIM: CGNR), the gold exploration and
development company focused on Ireland and Finland, is pleased to announce
completion of the Joint Venture Agreement (the "JV"), with Demir Export A.? ("
Demir Export"), all outstanding conditions having been met and a payment of ?1
million made to Conroy Gold.
In addition to the development of the gold deposit in the Clontibret Licence to
construction ready status and then bringing it into production as a gold mine,
the JV's aim is to take the Clay Lake gold target and other targets within the
Mines Royal Options/Northern Ireland Licences, and the other Licences held by
the JV, to construction ready status.
In the first phase of the earn in period of the JV, Demir Export is expending ?
4.5 million in work commitments (excluding Demir Export in-house costs,
Operator fees and Minimum Regulatory Work Commitments) to earn-in a 25% option
in the project. This work programme commenced in January 2022 and a 3,000 metre
drilling programme is planned to begin in the second half of April 2022.
Full details of the JV can be found in the EGM circular available on the
Company's website (www.conroygold.com) and the material aspects are contained
in the announcement of 30 November 2021.
Professor Richard Conroy, Chairman, commented:
"I am very pleased that the Joint Venture Agreement with Demir Export has been
completed.
My colleagues and I are enjoying working with the Demir Export team and look
forward to building a long term, successful relationship and not only bringing
the Clontibret gold deposit to construction ready status and into operation as
a mine, but also simultaneously advancing the Clay Lake gold target in Northern
Ireland and other targets on the district scale gold trend in the Longford-Down
Massif."
For further information please contact:
Conroy Gold and Natural Resources PLC Tel: +353-1-479-6180
Professor Richard Conroy, Chairman
Tel: +44-20-3328-5656
Allenby Capital Limited (Nomad)
Nick Athanas/Nick Harriss
First Equity Limited (Broker) Tel: +44-20-7330-1883
Jason Robertson
Lothbury Financial Services Tel: +44-20-3290-0707
Michael Padley
Hall Communications Tel: +353-1-660-9377
Don Hall
www.conroygold.com
END
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