Conroy Gold and Natural Resources has reported after tax losses of €533,262 for the year to the end of May.

This compares to after tax losses of €427,970 the previous year.

The exploration company said its net assts at the end of May stood at €12.678m, up from €11.647m last year.

During the year, which the company described as ''very successful'' was raised by the issue of almost 40 million shares for cash.

The company said is now has under licence the entire 30 mile gold trend which it discovered in the Longford-Down Massif in Ireland.

It said a series of ''significant'' gold targets have been discovered, ranging from the Clay Lake gold target in Co Armagh to the Clontibret and Glenish targets in Co Monaghan and the Slieve Glah target in Co Cavan.

Conroy's chairman Richard Conroy said he is looking forward to the future with confidence as the company moves from the exploration phase into the development phase.

''We continue working on the pre-feasibility study at Clontibret where we have an economic mine project, which also continuing to assess additional targets along the 30 mile gold trend discovered by and which Conroy now has under licence,'' he added.

He said the company has established that a gold mine at Clontibret is viable, adding that the firm is working towards bringing it into production.