Viability of Clontibret Gold Mine
23/10/2013 07:00
23 October 2013
Conroy Gold and Natural Resources plc
VIABILITY OF CLONTIBRET GOLD MINE CONFIRMED
* Key Step in Bringing in a Gold Mine at Clontibret, in Co. Monaghan,
Ireland, Successfully Concluded
* Testwork Confirms the Amenability and Technical Viability of Using BIOX
Technique to Process the Clontibret Ore
* Maximum Gold Extractions Achieved on Lode and Stockwork Concentrate Samples
After Biooxidation Were 90.4 per cent and 87.1 per cent respectively
Conroy Gold and Natural Resources plc (AIM: CGNR, ESM: CGNR.I), the gold mining
company which has discovered a thirty mile gold district in Ireland running
across Counties Armagh, Monaghan and Cavan and is planning to develop its first
operational gold mine at Clontibret in Co. Monaghan, is pleased to announce
that the final results of the mineralogical and metallurgical testwork
programme on the ore grade material sent to Goldfields/BIOMIN confirm the
amenability and technical viability of using the BIOX technique to process the
ore at Clontibret.
The mineralogical and metallurgical testwork, which was supervised and managed
by independent consultants Tetra Tech was carried out on 350kg of drill core
representative of both lode and stockwork ore grade material with a 10 per cent
dilution factor with a grade similar to that expected for run of mine.
The testwork results indicated fast oxidation kinetics, achieving over 90 per
cent oxidation for both lode and stockwork concentrate samples. Maximum gold
extractions achieved were 90.4 per cent and 87.1 per cent respectively with
overall recoveries confirmed by Tetra Tech to be in line with their independent
Scoping Study.
BIOX, which is a well established bacterial oxidation technique, was
recommended by Tetra Tech as an appropriate technology for treating the gold
sulphide concentrate at the proposed gold mine at Clontibret. BIOXis an
environmentally friendly proven technology with a number of plants in operation
worldwide including South Africa, Ghana, Brazil, China and Australia. The BIOX
process gives improved rates of gold recovery at significantly lower capital
and operating costs.
This release has been approved by Eur.Ing. Andrew J. Carter C.Eng, MIMMM,
MSAIMM, SME, Competent Person for Mineral Processing, Tetra Tech and by Kevin
McNulty PGeo, who is a member of the Company's technical staff, who holds a BSc
/MSc in Geology and Remote Sensing, in accordance with the guidance note for
Mining, Oil & Gas Companies issued by the London Stock Exchange in respect of
AIM Companies, which outlines standards of disclosure for mineral projects.
Professor Richard Conroy, Chairman commented:
"I am delighted at these positive finalMineralogical andMetallurgical
resultswhich confirm thetechnical and financialviability of the proposed BIOX
technologyfor processing the ore. Thisis a key step inbringing the gold mine at
Clontibret into operation".
For further information please contact:
Conroy Gold and Natural Resources plc Tel: +353-1-661-8958
Professor Richard Conroy, Chairman
Sanlam Securities UK Limited (Nomad) Tel: +44-20-7628-2200
Virginia Bull/Simon Clements
Hybridan LLP (Broker) Tel: +44-20-7947-4350
Claire Louise Noyce/William Lynne
IBI Corporate Finance Limited (ESM Adviser) Tel: +353-766-234-800
Brian Farrell
Lothbury Financial Services Tel: +44-20-3440-7620
Michael Padley/Michael Spriggs
Hall Communications Tel: +353-1-660-9377
Don Hall
Visit the website at: www.conroygoldandnaturalresources.com
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