RNS Number:8392V
Conroy Diamonds & Gold PLC
26 February 2004
CONROY DIAMONDS AND GOLD PLC
(the "Company")
INTERIM RESULTS
CHAIRMAN'S STATEMENT
Dear Shareholder
I have great pleasure in presenting your Company's Interim Report for the six
months ended November 30, 2003.
During the half-year, your Company further advanced its gold projects in the
Longford-Down Massif in the north of Irelandand its diamond exploration
programmes in Finland. It also raised #1,250,000 (Euro1,750,000 approx). Since the
end of this reporting period, your Company has appointed SRK Consulting (UK) to
prepare a preliminary mineral resource estimate for your Company's gold
properties in Ireland.
The SRK estimate will form an integral part of an exploration status report on
your Company's 1500km2 licence area in the Longford-Down Massif. SRK's study
will place particular emphasis on the Tullyback-Lisglassan gold deposit in
County Monaghan, your company's original discovery in the area.
SRK will also provide an independently derived, three-dimensional (3-D) model of
the mineral resources on your Company's licences. It is anticipated that this
3-Dmodel will be used to assist and enhance your Company's future exploration
activities in the Longford-Down Massif, a major geological feature extending
across the north of Ireland.
The consultants' report will incorporate a regional geological review of your
Company's wider exploration effort in the Massif. This will focus on identifying
the structural features that influence and control the location of favourable
sites of mineralisation.
The appointment of SRK to prepare a preliminary mineral resource estimate
represents a significant step forward for your company and marks a new phase in
the evaluation of our Irish gold projects.
Ongoing exploration at your Company's gold projects, particularly drilling, has
continued to provide excellent results. The Armagh-Monaghan Gold Belt remains
the focus of your Company's exploration effort in the Massif, and results
reported recently confirm the Company's view that the Massif has the potential
to host major economic gold deposits.
During the past year significant new discoveries have been made, at Corcaskea
and Ballygreany in co. Monaghan. These are in addition to the previous
discoveries at Tullybuck-Lisglassan, also in Co. Monaghan and Cargalisgorran and
Tivnacree in Co. Armagh. At Corcaskea, drilling confirmed gold mineralisation
associated with a flat lying, NNW trending fault zone and similar in style to
that seen in Tullybuck-Lisglassan, which is approximately 1km to the south. The
gold mineralisation is associatedwith fault breccia, sulphide mineralisation
and wallrock alteration.
At Ballygreany, trenching over a large (approximately 3.5km2) gold in soil
geochemical anomaly, confirmed two broad zones of gold mineralisation. Grab
samples from trenching returned grades of up to 2.25g/t gold. Mineralisation in
this locality is broadly associated with zones of conformable quartz-ankerite
veins hosted within sheared medium grained arenites with interbedded argillites.
Within these zones, gold is associated with disseminated pyrite. The quartz rich
zones strike approximately ENE-WSW, parallel to the strike of the soil
geochemistry anomaly. Preliminary drilling has outlined two zones of low grade
gold mineralisation which are correlatable with those zones outlined in
trenching.
More recently, a more detailed assessment at Cargalisgorran in Co. Armagh has
extended mineralisation by a further 67m down dip, twice the previous limit, to
a vertical depth of approximately 100m. The latest hole intersected 0.97g/t gold
over 6m, in a zone of intense alteration, multiphase quartz-carbonate veining
and sulphide mineralisation. This intersection represents the downdip extension
of a mineralised structure which has returned grades of up to 5.49g/t gold over
7.46m closer to surface.
Your Company's exploration programme for diamonds in eastern Finland continues
to progress. Quantities of kimberlitic and diamond indicator minerals recovered
are higher than from the previous programmes suggesting the latest sampling
points are located closer to possible kimberlitic sources. This sampling
programme was again undertaken on behalf of the Company by the Geological Survey
of Finland. Further G9 and G10 garnets were recovered, thus both confirming and
enhancing the previous anomalies identified by the Company. Such garnets are
formed under the same temperature and pressure conditions as diamonds and are
considered to be particularly good indicators of the likely presence of
diamonds.
Finance
The cash in hand at 30 November 2003 was Euro1,354,229. In September 2003 your
Company raised #1,250,000 (Euro1,750,000 approx) which together with facilities
available to the Company, is financing the current phase of the exploration
programme including the preparation of a preliminary mineral resource estimate
of your Company's Irish gold find.
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. With continued exploration success the future for your Company
is very positive.
Yours faithfully,
Professor Richard Conroy
Chairman
26 February 2004
CONROY DIAMONDS AND GOLD Plc
BALANCE SHEET AT 30 NOVEMBER 2003
November November May
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
Euro Euro Euro
Fixed Assets
Intangible - Mineral
Interests 5,679,256 4,712,748 5,198,758
Tangible fixed assets 51,717 60,350 56,814
--------------- --------------- --------------
5,730,973 4,773,098 5,255,572
Current Assets
Debtors 6,192 10,781 4,919
Cash at bank and inhand 1,354,229 50,110 302,835
-------------- -------------- --------------
1,360,421 60,891 307,754
Creditors:
Amounts falling due
within (1,117,706) (1,078,304) (1,127,929)
one year
-------------- -------------- --------------
Net Current
Assets/(Liabilities) 242,715 (1,017,413) (820,175)
-------------- -------------- --------------
Net Assets Euro5,973,688 Euro3,755,685 Euro4,435,397
======== ======== ========
Capital and Reserves
Called up share capital 1,846,320710,732 1,096,320
Capital Conversion
Reserve 30,617 30,617 30,617
Fund
Share premium account 5,685,976 4,267,056 4,741,618
Profit and loss account (1,589,225) (1,252,720) (1,433,158)
-------------- -------------- --------------
Shareholders' Funds Euro5,973,688 Euro3,755,685 Euro4,435,397
======== ======== ========
PROFIT AND LOSS ACCOUNT FOR HALF YEAR ENDED 30 NOVEMBER 2003
November November May
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
Euro Euro Euro
Operating Expenses (156,955) (161,097) (342,656)
Other income 888 33 1,154
-------------- -------------- --------------
Loss for period (156,067) (161,064) (341,502)
Profit and Loss account
at 1 June, 2003 (1,433,158) (1,091,655) (1,091,656)
-------------- -------------- --------------
Profit and Loss account
at 30 November, 2003 ( Euro1,589,225) ( Euro1,252,720) ( Euro1,433,158)
======== ======== ========
Loss per share ( Euro0.003) ( Euro0.007) ( Euro0.013)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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