REG-Conroy Gold & Natural Resources Plc: REGULATORY CONSENTS GRANTED FOR TRANSFER OF LICENCES

Conroy Gold and Natural ResourcesAnnouncement

27/01/2022 07:05

                                                                                                               
27 January 2022

Conroy Gold and Natural Resources plc       

(“Conroy Gold” or the “Company”)

REGULATORY CONSENTS GRANTED FOR TRANSFER OF LICENCES

 TO JOINT VENTURE COMPANIES
* Regulatory consents granted for transfer of licences to Joint Venture
Companies
* Clontibret Licence transferred to Conroy Gold (Clontibret) Limited
* Northern Ireland licences transferred to Conroy Gold (Armagh) Limited
* Remaining licences in Longford-Down Massif transferred to Conroy Gold
(Longford Down) Limited
Conroy Gold and Natural Resources PLC (AIM: CGNR), the gold exploration and
development company focused on Ireland and Finland, is pleased to announce
that the necessary regulatory consents have been granted, both in the Republic
of Ireland and in Northern Ireland, for the transfer of licences to the
respective Joint Venture Companies, established under the Joint Venture
Agreement (the “JV”), with Demir Export A.? (“Demir Export”) (as
announced on 4 January 2022).

Pl 2194 (The Clontibret Licence), in the Republic of Ireland, has been
transferred to Conroy Gold (Clontibret) Limited.

C1/19 and C3/19 (the Northern Ireland Licences) have been transferred to
Conroy Gold (Armagh) Limited.

The remaining Licences in the Longford-Down Massif, PLs 1870, 2683, 3028,
3066, 3065, 3469, 4098, 3130 and 3400, have been transferred to Conroy Gold
(Longford Down) Limited.

Arrangements are still in process for the Mines Royal options in Northern
Ireland to be transferred by the Company to Conroy Gold (Armagh) Limited
 which is the only outstanding condition to completion of the JV.

The primary focus of the Joint Venture, Project Inis, is the development of
the Clontibret Licence, PL 2194, to construction ready status and bringing it
in to production as a gold mine.

The JV’s further aim is to develop the Northern Ireland Licences and the
other licences in the Longford-Down Massif to construction ready status.

Demir Export is a long established mining company with interests in iron,
coal, gold and base metals, including zinc and copper, in Turkey.  It has a
strong in-house technical team with mining and exploration expertise. Demir
Export 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.

The investment by Demir Export will be directly into the three Joint Venture
companies each holding the relevant licence or group of licences.

Key Terms of the JV
* Demir Export to expend €4.5 million in work commitments (except Demir
Export in-house costs, Operator fees and Minimum Regulatory Work Commitments)
to earn-in 25% option in the project in first phase of earn-in period.
* Demir Export to expend an additional €4.5 million in work commitments
(except Demir Export in-house costs, Operator fees and Minimum Regulatory Work
Commitments) to earn an additional 15% option in second phase of earn-in
period, again in the project.
* Expenditure by Demir Export of the additional funds required to reach
construction-ready status to earn-in an additional 17.5% option in third phase
of the earn-in period of a given development thus increasing Demir Export’s
holding to a total of 57.5% in that development. 
* At construction-ready status at Clontibret and / or other developments,
Conroy Gold to retain a 42.5% interest with various options including a
“Carry Loan” on capital expenditure to commercial production whilst still
retaining a 25% interest.
* Under the terms of the Agreement, on closure, Demir Export to make a cash
payment of €1 million to Conroy Gold.
Full details of the JV can be found in the EGM circular available on the
Company's website (www.conroygold.com) and the material aspects in the
announcement of 30 November 2021.

Professor Richard Conroy, Chairman, commented: 

“I am very pleased that the regulatory consents for the transfer of the
licences to the Joint Venture Companies have been granted. This is a major
step forward in implementing the joint venture and I am especially pleased
that in both jurisdictions regulatory consent was granted expeditiously.

My colleagues and I look forward very much to working with the Demir Export
team on Project Inis, and building a long term, successful relationship.

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            Tel: +44-20-3290-0707  
 Michael Padley                                                
 Hall Communications                    Tel : +353-1-660-9377  
 Don Hall                                                      
                                                               



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