Conroy Gold and Natural Resources plc said that the definitive agreements for the proposed joint venture with Demir Export A.S. have reached an advanced stage for the 65km district-scale gold trend in the Longford-Down Massif in Ireland.
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The company added that following completion of documentation an EGM would be held to seek shareholder approval.
The terms of the letter of intent signed in February 2021 form the basis for the definitive agreements.
The JV named Project Inis will develop the gold deposit, on an earn-in basis for Demir Export, within the Clontibret licence to construction ready status and bring it into operation as a gold mine.
The parties also aim is to have Conroy Gold’s other licences given the same status, one after the other.
Conroy Gold expects Clontibret to provide the foundation for a long-term relationship between the two companies.