Conroy Gold and Natural Resources plc
 

·      Drilling follows Positive Results from Scoping Studies                                   

·      3,500 metres of Infill Drilling Planned Initially

·      Potential for Increased Resource within Mine Area

Conroy (AIM: CGNR; ESM: CGNR.I), the Irish based resource company exploring and developing gold and other natural resource projects in Ireland, is pleased to announce that it has commenced infill drilling at its Clontibret gold target. This decision follows the Scoping Study completed by Wardrop Engineering (“Wardrop”) which yielded positive results on both technical and financial grounds and its recommendation that infill drilling should proceed.

The economic evaluation was based on a pre-tax financial model, taking a base case commodity price for gold of US$1,144/oz. This gave a 17.7 per cent. Internal Rate of Return (IRR) and a Net Present Value (NPV), at 8 per cent discount rate, of US$14.4M. Reflecting recent current gold prices, a rate of 20 per cent over the base case – US $1,373, gives an IRR of 58.3 per cent. and an NPV of US$77.9M.

The area of the Scoping Study comprises only 20 per cent of the Clontibret target. The remaining 80 per cent of the Clontibret target remains open and two other larger targets (Clay Lake and Glenish) lie in close (7km / 4.5miles) proximity.

Commenting, Chairman, Professor Richard Conroy said:

“Following the positive technical and financial results of the Scoping Study by Wardrop on 20 per cent of the target we have now commenced infill drilling to further define the resource.  This is the next stage as we move towards developing a mine at Clontibret.”