Exploration company Conroy Gold and Natural Resources has reported a narrowing of losses for the year ending May 2013 as it continues to focus on bringing its gold mine in Co Monaghan into production.

Conroy said its loss after tax for the year to May was €380,305 compared to €423,979 the previous year.

The company's net assets rose to €14.291 million from €13.07 million and it raised over €1.2m during the year. Another €750,000 was raised in October.

Conroy has under licence a 30 mile gold trend which it discovered in the Longford-Down massif. Studies show gold potential of 15-20 million ounces along the trend. 

During the year the company said a "definitive" mining plan for its proposed gold mine in Clontibret in Co Monaghan was initiated. It said that phase one of the plan will comprise a starter pit and pit extension. Phase two will comprise underground mining and/or further surface pits.

Wide gold zones were also confirmed by trenching at its Clay Lake gold target in Co Armagh and gold zones were also found at the surface of the company's Slieve Ghal gold target in Co Cavan.

The company's chairman, Professor Richard Conroy, said it made "excellent progress" overall in the financial year to the end of May and this has continued into the current year. 

"We are steadily moving from exploration to development at Clontibret. Additionally, we are also continuing to explore and evaluate other targets, along the trend some of which are potentially very large. The main focus however, is to bring Clontibret into production," Professor Conroy stated.