To be released at 7.00 a.m. on 28 February 2006
Conroy Diamonds & Gold plc
("the Company")
Unaudited Interim Results for the six months ended 30 November 2005
CHAIRMAN'S STATEMENT
I have great pleasure in presenting your Company's Interim Report for the six
months ended November 2005.
During the half-year, your Company continued to make excellent progress with
its gold exploration programme in the Longford-Down Massif, in the north of
Ireland. Further positive results have been recorded from your Company's
ongoing programme of closely-spaced deep overburden sampling on the ten
additional gold targets announced last April in a 20km� section of the Armagh
Monaghan Gold Belt which also includes your Company's Tullybuck-Lisglassan and
Glenish gold discoveries. Six of the ten targets, originally defined by shallow
soil geochemistry, have now been sampled in this way, and five have returned
positive results.
These include the discovery of an extensive new gold bearing structure to the
east of Tullybuck-Lisglassan in Co Monaghan. This extends 250 metres along
strike, is open in both directions and is located immediately north of the
Orlock Bridge Fault. The northwest-northeast orientation of the mineralisation
is similar to that seen in the Tullybuck-Lisglassan deposit itself and at other
locations within the Armagh Monaghan Gold Belt.
In addition, two new structures have been identified on Targets 3 and 4,
respectively 2km southwest and 1.5kms southeast of Tullybuck-Lisglassan, whilst
deep overburden testing on Targets 5 and 6 indicates that the two targets
constitute a single anomaly which measures approximately 1 kilometre by 500
metres.
The programme of overburden sampling, mostly to bedrock, has encountered
anomalous gold values over wide areas, with Target 3 returning particularly
high values of up to 10,105 parts per billion (ppb) gold (10.1gt) and Targets
4,5 and 6 returning peak values of 395ppb, 172ppb and 334ppb respectively.
These are very high when viewed against a background of less than 4 ppb and
where 10 ppb gold is considered anomalous. A peak value of 10,105ppb (10.1g/t)
is exceptional in the context of overburden sampling and gives an indication of
the wider potential of the area around Tullybuck-Lisglassan.
All of the targets sampled to date have a spatial relationship with the Orlock
Bridge Fault, which is believed to be a controlling factor on gold
mineralisation with the Company's licences
The targets also lie within one of three areas identified by SRK in its review
of your Company's gold properties as being "highly prospective" because they
relate to the intersection of major deep-seated lineaments and the Orlock
Bridge Fault. Such lineaments are particularly important because economic gold
deposits elsewhere in the world frequently occur on or close to such
structures. To-date the Armagh - Monaghan Gold Belt has been outlined over an
area of about 60km�. This represents less than 5 per cent. of your Company's
licence area in the Longford - Down Massif.
Since the end of the reporting period, as announced on 16 January, 2006,
Gartmore Investment Management Plc has increased its holding in your Company to
14.26 per cent. of the issued share capital. I welcome their continued support.
FINANCE
In preparing these results the directors have considered the build-up of
current liabilities on the balance sheet. These liabilities arose mainly from
the accrual of unpaid directors' fees and remuneration over a number of years.
By foregoing payment of their fees and remuneration, the directors effectively
allowed the Company's exploration work on the ground to continue, even during
times when capital raisings via the Stock Exchange were extremely difficult.
The directors have waived their entitlement to all amounts accrued up to 31
August 2005. The amount of such accruals at 31 August 2005 was Euro1,422,782. The
write-off of this liability resulted in an exceptional credit to the profit and
loss account of Euro607,197 and the balance of Euro815,585, which related to the
management and supervision of the exploration programme, was credited to
mineral interests in the balance sheet.
The credit to the profit and loss account of Euro607,197 together with the loss on
ordinary activities for the period of Euro122,374 resulted in a net increase in
shareholders funds of Euro484,823.
After careful consideration, and discussions with the Company's advisers, the
Board decided to issue a total of 49,064,190 warrants to the individual
directors for nil consideration exercisable over 10 years at a subscription
price of Euro0.037 (Stg2.5p) per share. This was ratified by shareholders at the
Annual General Meeting.
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 capital.
DIRECTORS AND STAFF
I regret to report with deep sadness the death of Dr Pamela Conroy. Dr Pamela
Conroy was a founding director of the Company. Her dedication, experience,
advice and support, contributed to a major degree to the on-going success of
your Company.
I would like to thank my fellow directors, staff and contractors for their
support and dedication, which has enabled the continued success of the Company.
I look forward to the future with confidence.
Professor Richard Conroy
Chairman
28 February 2006
UNAUDITED PROFIT AND LOSS ACCOUNT
For the six months ended 30 November 2005
Six months Six months Year
ended ended ended
30 November 30 November 31 May
2005 2004 2005
(Unaudited) (Unaudited) (Audited)
Euro Euro Euro
Operating expenses (122,485) (162,203) (515,205)
Other income 111 1,063 1,958
Loss for period (122,374) (161,140) (513,247)
Exceptional item 607,197 - -
Profit/(Loss) after exceptional item 484,823 (161,140) (513,247)
Profit and loss account at beginning of (2,272,131) (1,758,884) (1,758,884)
period
Profit and Loss account at end of (1,787,308) (1,920,024) (2,272,131)
period
Loss per share (Euro0.002) (Euro0.003) (Euro0.008)
UNAUDITED BALANCE SHEET
At 30 November 2005
At 30 At 30 At 31
November November May
2005 2004 2005
(Unaudited) (Unaudited) (Audited)
Euro Euro Euro
Fixed Assets
Mineral interests 5,507,278 5,628,260 6,043,726
Tangible assets 54,271 64,559 53,015
5,561,549 5,692,819 6,096,741
Current Assets
Debtors 43,521 161,361 39,020
Cash in hand 5,100 43,039 62,689
48,621 204,400 101,709
Creditors: amounts failing due within one (512,934) (1,292,241) (1,586,037)
year
Net Current Liabilities (464,313) (1,087,841) (1,484,328)
Net Assets 5,097,236 4,604,978 4,612,413
Capital and Reserves
Called up share capital 2,146,320 1,846,320 2,146,320
Capital conversion reserve fund 30,617 30,617 30,617
Share premium account 4,707,607 4,648,065 4,707,607
Profit and loss account (1,787,308) (1,920,024) (2,272,131)
Shareholders' Funds 5,097,236 4,604,978 4,612,413
UNAUDITED CASH FLOW STATEMENT
For the six months ended 30 November 2005
Six months Six months Year
ended ended ended
30 November 30 November 31 May
2005 2004 2005
(Unaudited) (Unaudited) (Audited)
Euro Euro Euro
Net Cash Inflow/(Outflow) from 224,703 (1,446) (73,638)
Operating Activities
Capital Expenditure and Financial (282,292) (452,381) (888,353)
Investments
Net Cash Outflow before financing (57,589) (453,827) (814,715)
Financing - - 359,542
Decrease in Cash (57,589) (453,827) (455,173)
Notes to the Financial Statements
1. Publication of non-statutory accounts
The financial information set out in this document does not comprise the
statutory accounts of the Company.
2. Loss per share
The calculation of the loss per ordinary share of Euro0.002 (2005 - Euro0.003) is
based on the loss for the half year of Euro122,374 (2004 - Euro161,140) and the
weighted average number of ordinary shares on a basic and fully diluted basis
during the year of 71,544,011 (2004 - 61,544,011). Share options and warrants
are not included in the calculation of fully diluted shares since the Company
incurred a loss in 2005 and 2004 which results in these potential shares being
anti-dilutive.
3. Dividends
No dividends were paid or are proposed in respect of the period ended 30
November, 2005.
4. A copy of the Interim Report will be sent to all shareholders shortly and
will be available from the Company's registered office, 10 Upper Pembroke
Street, Dublin 2.
END
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