Conroy Gold and Natural Resources has reported a loss after tax of €315,324 for the fiscal year to the end of May and said the construction of a gold mine at Clontibret remains its main focus.

The loss for the year was narrower than last year's loss of £380,305 and the company said that during the year it had raised £750,000 by a share placing.

The company said that recent drilling results from the Clontibret, Co Monaghan site have proved further evidence of continuity of gold mineralisation at dept. 

It said that metallurgical test work shows potentially "economic quantities" of the raw material antimony are present in the gold concentrate at the site. 

Antimony is used mainly in the production of flame retardant products. 

A new gold target has been discovered by the company in Rockcorry in Co Monaghan.

The company also reported "excellent" progress at its Clay Lake gold target in Co Armagh and the Slieve Glah gold target in Co Cavan. 

Exploration licences were also granted in the "highly prospective" gold district of Sodankya in Finland, it added.

"We have made further progress towards the development of the mine at Clontibret, with continuity of gold at depth confirmed by drilling," commented the company's chairman Professor Richard Conroy.  

The Professor said the infill drilling has enhanced the economics of the project, which show excellent returns even at the current gold price, and the presence of potentially commercial amounts of antimony further improve the prospects.  

"Our focus is on developing a mine at Clontibret, initially to be open pit," he added.