Interim Results
February 27 2003 - 2:00AM
UK Regulatory
RNS Number:0066I
Conroy Diamonds & Gold PLC
27 February 2003
Conroy Diamonds and Gold plc
Interim Report for the six months ended 30 November 2002
Chairman's Statement
Your Company continued to make major progress during the period covered by this
report. In particular, the Longford-Down Massif in Ireland, within which your
Company has discovered the Armagh-Monaghan Gold Belt, continues to yield good
exploration results, thus adding to your Company's conviction that the Massif
has the potential to become a new gold province of global significance.
Exploration for diamonds in Finland is also progressing well.
The discovery of a third mineralised zone, at Tivnacree in Co. Armagh, some
1.2km southwest of your Company's previous discovery at Cargalisgorran, together
with the identification of a broad zone of gold mineralisation at
Tullybuck-Lisglassan in Co. Monaghan, demonstrate the success of your Company's
exploration strategy. Geochemical soil sampling to identify anomalous areas,
followed by trenching to bedrock and finally diamond drilling, led to the
discovery of both Cargalisgorran and Tivnacree.
This exploration strategy continues to add new areas of interest. The most
recent soil geochemistry programme within the Gold Belt not only highlighted a
number of new areas of anomalous gold values but also substantially increased
the size of other, previously identified, gold anomalies. Both developments are
highly encouraging, and follow-up trenching and drilling are planned.
Drilling to date at Tullybuck-Lisglassan, Cargalisgorran and Tivnacree has shown
gold mineralisation to be structurally related to a regional geological
structure known as the Orlock Bridge Fault. According to your Company's
geological model, the interaction of this fault with deep-seated geological
features is the controlling influence on mineralisation in the region.
Cross-faulting has divided the regional feature into a number of blocks and each
of the three areas of gold mineralisation so far identified lies within an
individual fault block. Many other such fault blocks are present and have yet to
be fully explored.
Elsewhere in the Longford-Down Massif, exploration continues at Slieve Glah in
Co. Cavan, some 45km to the southwest of Tullybuck-Lisglassan, where the Orlock
Bridge Fault shows a marked deviation to the south. This deviation in the Fault
is particularly interesting as large-scale mineral development is sometimes
associated with such deviations. Your Company has defined extensive gold in soil
anomalies in this area and some preliminary trenching has identified gold in
bedrock. Exploration is also ongoing over the intervening block of ground
between Slieve Glah and the Armagh-Monaghan Gold Belt, all of which is traversed
by the Orlock Bridge Fault.
Your Company's exploration programme for diamonds in Finland continues to
progress well with further kimberlitic indicator minerals, including the
important diamond indicator minerals, G9 and G10 garnets, reported.
Finance
The cash in hand at 30 November 2002 was Euro50,110. In December 2002 your Company
raised #450,000 (Euro700,000 approx), which together with facilities available to
the Company, is financing the current phase of the exploration programme. Your
directors are considering the various options for financing its further
exploration and development programmes. These may include bringing in a
joint-venture partner or the raising of further permanent capital.
Directors and Staff
I would like to thank my fellow directors, staff and consultants for their
continued support and dedication. They have made the further success of the
Company possible. The future continues to be both interesting and exciting.
Professor Richard Conroy
Chairman
Enquiries:
Website: www.conroydiamondsandgold.com
Phone: +353 1 661 89 58
Fax: +353 1 662 12 13
Address: 10 Upper Pembroke Street, Dublin 2
Balance Sheet as at 30 November 2002
30 November 30 November 31 May
2002 2001 2002
(Unaudited) (Unaudited) (Audited)
Euro Euro Euro
Fixed Assets
Intangible - Mineral Interests 4,712,748 3,761,820 4,250,337
Tangible fixed assets 60,350 74,492 66,746
--------------- -------------- --------------
4,773,098 3,836,312 4,317,083
Current Assets
Debtors 10,781 21,068 19,449
Cash at hand 50,110 236,384 208,549
-------------- -------------- --------------
60,891 257,452 227,998
Creditors:
Amounts falling due within one year (1,078,304) (789,200) (1,059,486)
-------------- -------------- --------------
Net Current Assets/(Liabilities) (1,017,413) (531,748) (831,488)
-------------- -------------- --------------
Total Assets less Current Liabilities 3,755,685 3,304,564 3,485,595
Creditors:
Amounts falling due after more than one year 0 (222,204) 0
-------------- -------------- --------------
Euro3,755,685 Euro3,082,360 Euro3,485,595
============== ============== ==============
Capital and Reserves
Called up share capital 710,732 526,832 620,732
Capital Conversion Reserve Fund 30,617 30,617 30,617
Share premium account 4,267,056 3,418,155 3,925,901
Profit and loss account (1,252,720) (893,244) (1,091,655)
-------------- -------------- --------------
Shareholders' Funds Euro3,755,685 Euro3,082,360 Euro3,485,595
============== ============== ==============
Profit and Loss Account for the six months ended 30 November 2002
November November May
2002 2001 2002
(Unaudited) (Unaudited) (Audited)
Euro Euro Euro
Operating Expenses (161,098) (155,913) (355,245)
Other income 33 6,463 7,384
-------------- -------------- --------------
Loss on Ordinary Activities before Taxation (161,065) (149,450) (347,861)
Tax on loss on ordinary activities - - -
-------------- -------------- --------------
Loss for period (161,065) (149,450) (347,861)
Profit and Loss account at 1 June, 2002 (1,091,655) (743,794) (743,794)
-------------- -------------- --------------
Profit and Loss account at 30 November 2002 (Euro1,252,720) (Euro893,244) (Euro1,091,655)
============== ============== ==============
Loss per share (Euro0.007) (Euro0.011) (Euro0.019)
This information is provided by RNS
The company news service from the London Stock Exchange
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