Conroy Gold and Natural Resources plc said it had agreed the main terms of the proposed joint venture (JV) with Turkish miner Demir Export on the Clontibret licence in Ireland.
AGREEMENT
The JV called Project Inis will involve Demir developing the gold deposit to construction ready status and bringing it into operation as a gold mine.
Demir will also develop Conroy Gold’s other licences within the Longford–Down zone to construction-ready status.
Conroy Gold said it was due to hold an extraordinary general meeting on 22 December for shareholder approval.
“The letter of intent terms form the basis for the definitive agreement, the main terms of which have now been agreed in principle between Conroy Gold and Demir Export but the definitive agreement has not yet been entered into by either party.”
COMPANY FINANCES
The company ended the year to 31 May 2021 with total assets of €24,970,503 (2020: €22,548,653).
Net assets amounted to €19,987,222 (2020: €17,645,315) with profit before taxation of €211,010 (2020: €677,380 loss).
Approximately 90% of the figures relate to the Longford-Down zone and the licences subject to the agreement.