AIM-listed zinc exploration company Connemara Mining has reported pre-tax losses of €472,795 for 2008. This was an improvement from the loss figure of €624,398 the previous year as its administrative expenses fell.
The company, which is now the fourth biggest licence holder in Irish exploration with a total of 38 licences, has no debt and a cash balance of €472,278. It is undertaking an extensive drilling programme to progress its zinc discoveries.
Connemara has discovered zinc at its sites in Stonepark in Limerick, Lough Sheelin in Cavan and has also recently reported good results from its Castlemaine licence in Kerry.
'Connemara has had a successful run in exploration results - supporting our central investment case that Ireland is a viable zinc province,' comments chairman John Teeling.
'Connemara is well positioned to take advantage of what is likely to be the next wave of Irish zinc mine development,' he added.
While zinc consumption rates have slowed in industralised countries due to the economic chaos of the past 18 months, they are still growing in developing countries. It is estimated that future world consumption will grow by 4%.
