Final Results
November 11 2002 - 2:00AM
UK Regulatory
RNS Number:5613D
Conroy Diamonds & Gold PLC
11 November 2002
Conroy Diamonds and Gold Plc
Final Results for the year ended 31 May 2002
Chairman's Statement
I have pleasure in presenting the Company's report for the twelve months ended
31st May 2002, a period of further major progress for your Company. I am
delighted to report excellent progress with the exploration programmes for gold
in Ireland and diamonds in Finland. The continuing good results from the
Longford-Down Massif within which your Company has identified the
Armagh-Monaghan Gold Belt lend encouragement to your Company's belief that the
Massif itself may prove to be a new gold province of European and, perhaps, of
world-class significance.
Excellent Drilling Results
The Armagh-Monaghan Gold Belt, which is becoming an increasingly significant
discovery, is located in a geological structure called the Longford-Down Massif.
The gold deposits and prospects identified to date are all spatially related to
the Orlock Bridge Fault, a geological structure, which your Company's geologists
believe most influenced the creation of the Gold Belt and is the main geological
control over mineralisation in the region.
Recent drilling in the Gold Belt has included the intersection of a 67m (200ft)
mineralised zone at your Company's Tullybuck-Lisglassan gold deposit in Co.
Monaghan. This broad zone of gold mineralisation is much wider than any previous
intersection in this deposit. The result adds further weight to the view
expressed by the British Geological Survey in its March 2000 report that
mineralisation at Tullybuck-Lisglassan may be considerably more extensive than
previously thought. It also has important implications for the demonstration of
an economic resource for future mining.
Results from drilling at your Company's gold deposit at Cargalisgorran in Co.
Armagh are also highly encouraging. Significant gold mineralisation has been
identified in three separate structures over a strike length of approximately
150m. The deepest intersection to date is at a vertical depth of around 55m
below surface. The mineralised structures are parallel, trend NNE, and all three
are open at depth and along strike. Only a very small part of a very large
geochemical anomaly covering the Cargalisgorran prospect has so far been
investigated by trenching and drilling.
A new zone of gold mineralisation has been discovered in the Gold Belt. The new
discovery is located at Tivnacree in Co. Armagh, some 1.2 km south-west of
Cargalisgorran where previous reconnaissance geochemistry outlined a gold - in
soil anomaly some 300 x 250 metres in area. The identification of this new zone
of gold mineralisation is a very welcome development which adds further weight
to the view that the two gold deposits already discovered by the Company in
Armagh and Monaghan are part of a larger gold bearing system.
Several other gold in soil anomalies have also been outlined by geochemical
sampling elsewhere within the Armagh-Monaghan Gold Belt. All of the Gold Belt
lies within your Company's licence area.
Elsewhere in the Longford-Down Massif, near Slieve Glah in Co. Cavan, some 45
kilometres to the south west of Tullybuck-Lisglassan, the Orlock Bridge Fault
shows a marked deviation to the south and may form a dilation zone. This type of
geological structure is frequently associated with large-scale mineral
deposition. To date a detailed soil geochemistry programme has defined three
extensive gold anomalies in the area and trenching to bedrock is planned in
order to define drill targets.
Diamond Indicator Minerals
I am very pleased to report highly encouraging results from your Company's
ongoing diamond exploration programme in Finland. A large number of kimberlitic
indicator minerals, together with many diamond indicator minerals, including key
G9 and G10 garnets, have been recovered from the Kuhmo district. This is an
exploration area in eastern Finland close to the Russian border where your
company has completed a programme of regional till sampling covering
approximately 1,700km2.
G9 and G10 garnets are formed at the same temperatures and pressures as diamonds
but in larger quantities and their presence in till samples is therefore
particularly encouraging at such an early stage in the programme.
Your Company also discovered kimberlitic indicators and G9 garnets in an area in
western Finland. Both eastern and western exploration areas lie within the
Archaean Karelian Craton, the block of ancient crustal rocks, - which extends
into Russia where it is known to contain major diamond deposits.
The type of indicator minerals found in the Kuhmo area suggests that they are
derived from the erosion of kimberlites, one of the main host rocks for
diamonds. Since studies have shown that the glacial tills in this part of
Finland have moved only relatively short distances, the source of the indicator
minerals may be nearby.
The Kuhmo district is part of the Karelian Craton that extends into Russia and
it is considered to be one of the most prospective areas for diamonds in
Finland. Crustal thickness is of crucial importance in the formation of
kimberlite pipes of economic significance, and in the Kuhmo area the earth's
crust is over 200km thick.
Your Company's exploration strategy is based on the belief that world-class
diamond deposits similar to those found in Russia may exist in similar geology
on the Finnish side of the border. The latest results support your Company's
strategy and are a highly significant step towards finding economic diamond
bearing kimberlites in Finland.
The sampling programme is being undertaken on your Company's behalf by the
Geological Survey of Finland (GSF) in conjunction with Conroy Diamonds and Gold
staff and consultants. Sample analysis is being undertaken in the GSF
laboratories.
These are excellent results at this stage of your Company's exploration
programme and we are obviously very pleased particularly in terms of the numbers
of indicator minerals recovered and their distribution pattern. When viewed in
conjunction with studies of glacial till movement in this area of Finland, it
suggests we may be close to the kimberlite source of these indicator minerals.
In terms of the search for diamondiferous kimberlites in Finland by Conroy
Diamonds and Gold and other companies, our results appear to be equal to, or
better than, anything reported by others at a comparable stage of exploration
and augur well for future diamond discoveries.
Strategy
The success of your Company's exploration strategy in identifying major
geological and prospecting opportunities is most encouraging with a potentially
world class gold mining discovery in Ireland and excellent results from diamond
exploration in Finland.
Directors Consultants and Staff
I would like to express my appreciation of the support and dedication of the
directors consultants and staff. I am pleased to welcome the appointment of Mr
Jim Sweeney as an additional senior geologist. Jim has extensive experience in
both gold and diamond exploration and development.
Future Outlook
Your Company looks to the future with considerable confidence. We have a
potentially world class gold prospect in Ireland, excellent results from our
diamond exploration programme in Finland and the team with a track record to
build on this success.
Richard Conroy, Chairman
Conroy Diamonds and Gold Plc
Profit and Loss Account
For the Year Ended 31 May 2002
2002 2001
Euro Euro
Operating Expenses (355,245) (320,190)
Other Income 7,383 14,821
________ ________
Loss on Ordinary Activities before Taxation (347,862) (305,369)
Tax on loss on ordinary activities - -
________ ________
Loss for the Year (347,862) (305,369)
Profit and Loss Account, at 31 May 2001 (743,794) (438,425)
________ ________
Profit and Loss Account, at 31 May 2002 (1,091,656) (743,794)
========= =========
Loss per ordinary share - Basic and fully diluted (Euro0.019) (Euro0.022)
There are no recognised gains or losses other than the loss for the year.
Balance Sheet - 31 May 2002
2002 2001
Euro Euro
Fixed Assets
Mineral interests 4,250,337 3,261,035
Tangible assets 66,746 65,863
_________ _________
4,317,083 3,326,898
_________ _________
Current Assets
Debtors 19,449 45,957
Cash at bank and in hand 208,549 1,049,695
_________ _________
227,998 1,095,652
Creditors: Amounts falling due within one year (1,059,486) (968,536)
_________ _________
Net Current (Liabilities)/Assets (831,488) 127,116
Total Assets less current Liabilities 3,485,595 3,454,014
Creditors: Amounts falling due after more than one year - (222,204)
_________ _________
Net Assets 3,485,595 3,231,810
======== ========
Capital and Reserves
Called up share capital 620,732 557,449
Capital Conversion Reserve Fund 30,617 -
Share premium account 3,925,902 3,418,155
Profit and loss account (1,091,656) (743,794)
_________ _________
Shareholders' Funds - all equity 3,485,595 3,231,810
======== ========
Note: Report and Accounts
Copies of the annual report and accounts will be despatched to shareholders in
due course. Further copies will be available from the registered office of the
Company at 10 Upper Pembroke Street, Dublin 2, Ireland.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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