To be embargoed until 7.00am on 27 February 2007
Conroy Diamonds and Gold Plc
Unaudited Interim Results for the six months
ended 30 November 2006.
CHAIRMAN'S STATEMENT
I have great pleasure in presenting your Company's Interim Report for the six
months ended 30 November 2006, a period in which your Company continued to make
further progress with its gold exploration programmes in both Ireland and
Finland.
First Resource Estimates For Clontibret Gold Deposit:
A major step forward in your Company's gold exploration programme in the
Longford-Down Massif in Ireland was the announcement of the first
JORC-compliant resource estimate for part of your Company's Clontibret gold
deposit in Co. Monaghan.
CSA, the international mining consultants, calculated a series of inferred and
indicated resource scenarios for one closely-drilled area covering less than
20p.c. of the Clontibret target anomaly. The estimates show an inferred
resource of 500,000oz contained gold (12m tonnes grading 1.3grams/tonne using a
1gram/tonne cut-off). This includes an indicated resource of 1.3m tonnes
grading 1.4grams/tonne (64,000oz contained) at 1g/t cut-off.
The estimates have been calculated to an average depth approximately 150m below
surface, and the mineralisation remains open at depth and along strike. If
repeated in the remainder of the target it would suggest the deposit is much
larger than originally anticipated.
Clontibret is one of a series of gold occurrences in the Longford-Down Massif
where your Company has identified a gold-bearing trend that extends for at
least 50 miles along strike from Co. Armagh in Northern Ireland, through Co.
Monaghan and into Co. Cavan in the Republic of Ireland.
This JORC-compliant estimate represents the first step in the Company's
economic assessment of its gold discoveries in the Massif. The estimates are
highly encouraging, not only in relation to Clontibret, but also with regard to
the Company's other gold discoveries in the Longford-Down Massif.
Extensive Gold Target Outlined In Finland
Your Company has also discovered an extensive gold-bearing area in Finland
following soil sampling on its recently acquired Sodankyla licences in the
Central Lapland Greenstone belt. which outlined an anomaly measuring over 750m
by 300m. The sampling also returned elevated chrome values of up to 2,270ppm
(0.23p.c.), together with some elevated nickel values.
Studies by the Geological Survey of Finland have highlighted the high potential
for gold mineralisation within the Central Lapland Greenstone Belt where
Canada's Agnico-Eagle Mines Ltd is currently developing its +2m ounce
Suurikuusikko gold deposits.
Your Company has also been granted a claim reservation covering a further 9km�
in the Sodankyla area. A drilling programme is now being planned to test the
extent of the gold mineralisation within your Company's area and to further
investigate the elevated chrome and nickel values.
This is early confirmation that there are exciting gold exploration
opportunities in this area of Finland, a mining-friendly country with a rapidly
growing gold mining and exploration industry. Your Company is very encouraged
by its early success in this new area and looks forward to building on it as
the programme develops.
Finance:
The results for the half-year are set out below. The loss for the period was Euro
144,914 (2005 profit Euro484,823). The net assets in the balance sheet have
increased from Euro5,774,325 to Euro6,610,712 due to the acquisition of gold assets
in Finland and the continuing exploration programme in Ireland.
Your Company's first JORC-compliant resource estimate of 500,000oz contained
gold in one closely drilled area covering less than 20p.c. of the Clontibret
target anomaly, together with your Company's other gold discoveries, indicate
the potential and scale of the Longford-Down Massif project. Your board is
considering the various financial options to finance and gain the maximum
benefit from its exploration success.
Directors and Staff
I would like to thank my fellow directors, staff and consultants 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.
27 February 2007
UNAUDITED BALANCE SHEET
At 30 November 2006
30 30 November 31
2005
November 2006 May
2006
(Unaudited) (Unaudited) (Audited)
Euro Euro Euro
Fixed Assets
Mineral interests 7,233,917 5,507,278 5,781,855
Financial fixed asset 2 - -
Tangible assets 37,870 54,271 43,635
7,271,789 5,561,549 5,825,490
Current Assets
Debtors 45,290 43,521 55,835
Cash in hand 18,838 5,100 312,397
64,128 48,621 368,232
Creditors:
Amounts failing due within one (206,902) (512,934) (419,397)
year
Net Current Liabilities (142,774) (464,313) (51,165)
Total Assets less Current 7,129,015 5,097,236 5,774,325
Liabilities
Creditors:
Amounts failing due after more (518,303) - -
than one year
Net Assets Euro6,610,712 Euro5,097,236 Euro5,774,325
Capital and Reserves
Called up share capital 3,170,649 2,146,320 2,591,820
Capital conversion Reserve Fund 30,617 30,617 30,617
Share premium account 5,472,337 4,707,607 5,069,866
Profit and loss account (2,062,891) (1,787,308) (1,917,978)
Shareholders' Funds - all equity Euro6,610,712 Euro5,097,236 Euro5,774,325
UNAUDITED PROFIT AND LOSS ACCOUNT
For half year ended 30 November 2006
Six months Six months Year
ended ended Ended
30 November 30 November
2006 2005 31 May
2006
(Unaudited) (Unaudited) (Audited)
Euro Euro Euro
Operating expenses - recurring (146,177) (122,485) (254,316)
- Non-recurring 607,197 607,197
Other income 1,263 111 1,272
(Loss)/Profit on ordinary activities (144,914) 484,823 354,153
Tax on loss/profit on ordinary - - -
activities
Retained (Loss)/Profit for period (144,914) 484,823 354,153
Profit and loss account at beginning of (1,917,978) (2,272,131) (2,272,131)
period
Profit and Loss account at end of (2,062,892) (1,787,308) (1,917,978)
period
(Loss)/earnings per share - basic (Euro0.0016) Euro0.0068 Euro0.0048
- fully diluted Euro0.0044
CASH FLOW STATEMENT
For half year ended 30 November 2006
30 November 30 November 31 May
2006 2005 2006
(Unaudited) (Unaudited) (Audited)
Euro Euro Euro
Net Cash Inflow/(Outflow) from (341,098) 224,703 (1,951)
Operating Activities
Capital Expenditure and Financial (1,452,063) (282,292) (556,100)
Investments
Net Cash Outflow before financing (1,793,161) (57,589) (558,051)
Financing 1,499,603 - 807,759
(Decrease)/Increase in Cash (Euro293,558) (Euro57,589) Euro249,708
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 Euro0.0016 earnings per ordinary
share (2005 - earnings per ordinary share Euro0.068) is based on the loss for the
half year of Euro144,914 (2005 - profit Euro484,823) and the weighted average number
of ordinary shares on a basic and fully diluted basis during the period of
88,001,036 (2005 - 71,544,011). Share options and warrants are not included in
the calculation of fully diluted shares since the Company incurred a loss in
2006 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, 2006.
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.
Further enquiries:
Professor Richard Conroy
Conroy Diamond and Gold plc 00 353 1 661 8958
Jeffrey Coburn
John East & Partners Limited 020 7628 2200
Charles Dampney
City Capital Limited 020 7822 7107
END
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