Exploration firm Conroy Gold and Natural Resources has posted a loss after tax of €423,979 for the year to the end of May, down from a loss of €533,262 the previous year.

Conroy said its net assets stood at €13.074m at the end of its fiscal year, up from €12.678m in 2012.

The company has the entire 30 mile gold trend under licence in the Longford-Down Massif and is working towards opening a gold mine at Clontibret, Co Monaghan.

It raised over €0.5m in new equity during the year, while another €1m was raised since May.

Inhouse studies carried out by Conroy have shown gold potential of 15-20 million ounces along the 30 mile area under licence. The company has also now identified two "significant" base metal targets in the licence area, with one showing zinc results of  up to 30%.

"We are steadily working towards bringing Clontibret into production whilst still discovering additional targets in particular at Clay Lake, where indications are for high tonnage and overall gold content," commented the company's chairman Professor Richard Conroy.

He said that very high zinc levels detected in Co Cavan add to the overall metalliferous potential of the licence area for base metals as well as its established potential for gold.

"We look forward to the future with confidence as we move from the exploration phase into the development phase," Professor Conroy added.