REG-Conroy Gold & Natural Resources Plc: DRILLING AT CLONTIBRET GOLD TARGET

Conroy Gold and Natural ResourcesAnnouncement

18/05/2021 07:05

                                       
18 May 2021

Conroy Gold and Natural Resources plc

(“Conroy Gold” or “the Company”)

DRILLING AT CLONTIBRET GOLD TARGET
* 2021 drilling programme has commenced with two drill holes currently being
drilled at Clontibret
* The first drill holes of the programme will form part of the ongoing work
programme planning and due diligence for the Company’s proposed joint
venture partnership with Demir Export A.S.
Conroy Gold and Natural Resources plc (AIM: CGNR), the gold exploration and
development company focused on Ireland and Finland, is pleased to announce
that its 2021 drilling programme has commenced with the first holes being
drilled on its gold target at Clontibret in County Monaghan.

The Clontibret gold target is one of a series of potentially multimillion
ounce gold targets located along the 65km (40 mile) new district scale gold
trend which the Company has discovered in the Longford-Down Massif in Ireland.
A (JORC 2012) gold resource of 517,000 Oz Au has been estimated on part of the
Clontibret gold target.

As announced by the Company on 25 February 2021, Conroy Gold has signed a
Letter of Intent with Demir Export for a proposed joint venture on an
earn-in-basis over the twelve licences held by Conroy Gold in the
Longford-Down Massif. Further details on the proposed joint venture are
contained in the announcement released by the Company on 25 February 2021.

The primary focus of the joint venture project (Project Inis) is the
development of the gold deposit at Clontibret to construction ready status and
bringing it into operation as a gold mine.

The joint venture with Demir Export remains subject, inter alia, to the
completion of due diligence and entering into of definitive documentation
including the final joint venture agreement.  

Some of the current drilling programme at Clontibret will form part of the
technical due diligence process and assist with the planning of the proposed
joint venture work programme. In this context, Demir Export has appointed
consultants to facilitate carrying out work on the ground in Ireland bearing
in mind the travel and other restrictions due to the COVID-19 pandemic which
are in place both in Ireland and Turkey. 

Demir Export is a long established mining company with interests in iron,
coal, gold and base metals, including zinc and copper, and has a strong
in-house technical team with mining and exploration expertise. It brings over
60 years of mine operating experience to bear on the project and places a
strong emphasis on the adoption of international environmental, and health and
safety management standards.

Professor Richard Conroy, Chairman, commented: 

“I am delighted that drilling has commenced at Clontibret. My colleagues and
I are very pleased to work with the Demir Export team on the proposed joint
venture partnership-Project Inis. Notwithstanding the COVID-19 restrictions
progress is being made on progressing the joint venture partnership.

We believe that Demir Export has the mining expertise and the financial
resources not only to bring the Clontibret gold deposit to construction ready
status and into operation as a mine, but also to advance the significant gold
potential of the other licences along the gold trend to the same status.”

For further information please contact:

 Conroy Gold and Natural Resources plc   Tel: +353-1-479-6180   
 Professor Richard Conroy, Chairman                             
 Allenby Capital Limited (Nomad)         Tel: +44-20-3328-5656  
 Nick Athanas/Nick Harriss                                      
 First Equity Limited (Broker)           Tel: +44-20-7330-1883  
 Jason Robertson                                                
 Lothbury Financial Services            T el: +44-20-3290-0707  
 Michael Padley                                                 
 Hall Communications                     Tel : +353-1-660-9377  
 Don Hall                                                       

Visit the website at: www.conroygold.com



Copyright (c) 2021 PR Newswire Association,LLC. All Rights Reserved