there's gold in them there hills i tell ya

[the Deel Rover]

Wednesday July 02 2008

Shares in precious metals firm Conroy Diamonds and Gold soared nearly 30pc yesterday after the company said it had found the first ever gold resource of over one million ounces to be reported in Ireland or the UK.

The stock, which is traded on the London Stock Exchange's AIM market, finished at 4p a share following the news that Conroy had substantially upgraded its estimate of gold at Clontibret, Co Monaghan.

The company confirmed yesterday that the gold was low grade of one or two grammes per tonne and apart from initial studies it has yet to carry out significant feasibility studies. It added that it could take up to two years before studies are complete and that the cost of mining and operations will have to be considered.

Company chairman Professor Richard Conroy also confirmed that the testing had been made worthwhile because the value of gold had increased significantly in the recent past to over $940 (€560) an ounce.

Gold has been advancing alongside other commodities like oil.

"If gold prices went down to, say, the $300 level, it wouldn't be feasible. It will also be very costly," he said.

If the price dropped to that level, development would be suspended, he added.

The cost of extraction is estimated at about $600 an ounce.

"We will now start feasibility, technical and financial studies," he said.

Prof Conroy added that the Co Monaghan site now stands at 440,000 ounces with an additional inferred resource of 590,000.

The latest report relates to an area amounting to 20pc of the Clontibret target.

Upgrade

The upgrade followed further evaluation and appraisal work by mining consultants G Zandonai on the earlier announcements from Clontibret.

Prof Conroy said the upgrade will attract interest from other developers in the project.

"Once you are over a million ounces you get a substantial amount of gold.

"From an industry point of view, it puts us in a good position to negotiate if we decide to bring in a joint venture or just go ahead ourselves," he said.

"The revised cut-off grade brings us in line with our peer group and gives the company a sound basis for pre-feasibility studies," he added.

- Sharon Lynch

[rootthemout]

is this why peter and his flag waving friends tried to claim it a few years back?sure it is a place time forgot.

[thebandit]

Home of the current 2 in a row county champions Clontibet!

Fair play to Conroy, he's been plugging away at that for years.

[Gaoth Dobhair Abu]

Home of the current 2 in a row county champions Clontibet!

Fair play to Conroy, he's been plugging away at that for years.

With the share price rocketing after this news, I wonder will he just sell up, make a killing and leave it upto someone else to discover that there isn't a Yukon in Monaghan, and what gold there is, will be too expensive to mine?   

[bingobus]

Home of the current 2 in a row county champions Clontibet!

Fair play to Conroy, he's been plugging away at that for years.

With the share price rocketing after this news, I wonder will he just sell up, make a killing and leave it upto someone else to discover that there isn't a Yukon in Monaghan, and what gold there is, will be too expensive to mine?   

Wait he completes his feasability study and if it comes back positive then it really will rocket. I would imagine that his intention will be get the go ahead to mine and then sell that on. Was reading that the cost of extraction could run at 75% of the rextraction revenue. Some suggest that although the quality is low, the quantity makes it attractive with up to €600m down there  Really relying on current prices remaining as is.

My in laws have land in Clontibret and I will be starting my own dig this weekend. Any financial backers for the price of a shovel, hard hat with light on top and a few buckets can pm me 

[T Fearon]

Well you'll have nothing else to do all summer after July 19th

[orangeman]

Would the landowners get any money out of this ?

I assume Conroy owns the mineral rights ?

[mouview]

Walter Huston, Tim Holt and Bogie will show up any day now, followed by hordes of Mexican bandidos.

"Medals. We ain't got no medals. We don't need no medals"

[bingobus]

Well you'll have nothing else to do all summer after July 19th

Unlike some, I have a club to follow and enjoy   Ps how did you spend last summer?

Mouview, I kind you not, but the Sunday World Rag have been in the area all morning with a gang of Gold prospectors with picks, pans and the full rig out. Taking pictures and talking to the locals, expect to see it in Sunday's paper.

[Over the Bar]

At last the people of Clones can earn a proper living instead of relying of selling crips and warm lemonade out of their front gardens on Ulster final day!

[Main Street]

Clones people
They'll be running the brothels.

[Evil Genius]

Walter Huston, Tim Holt and Bogie will show up any day now, followed by hordes of Mexican bandidos.

"Medals. We ain't got no medals. We don't need no medals"

Great reference to a great film (though it's Badges, not Medals):
http://www.youtube.com/watch?v=VqomZQMZQCQ
Which led, of course, to this classic:
http://www.youtube.com/watch?v=VYAksrJGjXg&feature=related

Mind you, I don't know whether it would quite work with Gardai Badges:
"You know, you've got to hand it to the Mexicans when if comes to swift justice. Once the Federales get their mitts on a criminal, they know just what to do with him. They hand him a shovel, tell him where to dig, when he's dug deep enough, they tell him to put the shovel down, smoke a cigarette, and say his prayers. In another five minutes, he's being covered over with the dirt he dug out"  

[Mid Mon]

We've just finished building a bloody road through there and we filled the bogs with any rocks we found, They were probably full of gold.

[armaghniac]

In another five minutes, he's being covered over with the dirt he dug out"

Do they make him fill it in as well.

We've just finished building a bloody road through there and we filled the bogs with any rocks we found, They were probably full of gold.

I reckon the people of Silverbridge should start digging too.

[thebandit]

We've just finished building a bloody road through there and we filled the bogs with any rocks we found, They were probably full of gold.

That's why you ran to the other side of the country