Fortbridge Media Release

Connemara Mining Company Plc [AIM:CON] - Interim Report 2011

Connemara Mining Company Plc [AIM:CON]

22 September 2011

Connemara Mining Company plc
(�Connemara� or the �Company�)

Interim Statement for the period ended 30 June 2011

In recent weeks we reported the discovery of a new zone, Stonepark West, over a kilometre away from the two previously reported zones. A map of the discovery is available at These results confirm that the zinc-lead discovery at Stonepark in Limerick continues to grow and are a further indication that the nature and extent of the Limerick mineralisation will only be fully realised during mining. However, for now the exploration phase is making good progress with the operator and 75% shareholder in the venture, Teck Ireland, continuing to drill with four rigs on site.

As shown on the map on the website, the discovery area is large. The three zones announced are more than 1.5 kilometres apart so are likely to be separate in a manner typical of Irish zinc discoveries. However there are indications that there may be some mineralised connection between them.

The nature of the Stonepark discoveries, like those found by Minco/Xstrata, are typical of Irish zinc discoveries. They can be large and rich but are often in separate zones so need a significant number of drill holes to reach a measured estimate of volume. We believe that the Limerick discoveries have the potential to produce at least one world class zinc mine. It is worth noting that the current discoveries are all on one of the 16 Limerick licences in the Connemara/Teck joint venture. Much of the work done in the first half of 2011 was regional involving seismic, aeromag and drilling up to 9 kilometres away from Stonepark. There has been a high grade hit on the licence adjacent to Stonepark. While this confirms that the current discoveries are open to expansion on three of four sides, it also means that hundreds of drill holes will be needed to test this block. The Directors believe that the Connemara block may become part of a world class lead-zinc mining district. The zi
nc story is strong and the discoveries in Limerick are highly promising. While no estimate of volume has been issued for Stonepark, the adjacent discovery of Minco/Xstrata has been reported to contain at least 30 million tons at a combined zinc/lead percentage of 10% per ton of ore.

While the clear focus is on Stonepark, Connemara has other high quality base metal exploration projects in Ireland. We expect to agree a joint venture on our Lough Sheelin block which will result in some deep holes being drilled. We are preparing a work programme on our Mine River block of licences in Wicklow/Wexford while geophysical and geochemical work is ongoing on our Nenagh block of ground.

The investment climate

Many international investors are looking for good short term returns and or long term security. Speculative shares are not an attractive option for the wider investment community therefore we are looking to a smaller pool of investors who pick and choose from a variety of plays. We are seeking ways of getting to those investors so that the full value of our projects can be realised. Although Connemara is fully funded until the end of 2012 and the geological results are outstanding, the share price is a cause for concern, with a market capitalisation of just above �3 million. A series of events have combined to damage our share price. The general economic malaise is bad for speculative shares and the AIM market has been badly hit as retail investors try to exit illiquid positions.

This is further exacerbated by the many Irish investors who have seen their net worth decimated by the virtual collapse of the Irish economy and so are forced to sell their Connemara shares. Those not forced to sell should look to a number of fundamental facts:

- Zinc demand continues to grow at rates of 4% due entirely to Chinese, Indian, Brazilian and other emerging markets demands
- These emerging markets are expected to grow far faster than declining Western economies
- Zinc supply is sluggish with few new mines coming on stream
- Zinc prices, above $2,000 a ton are profitable for producers

Future

It is likely that Teck will continue to drill with multiple rigs through 2012. We are funded for this. The joint venture under discussion on the Lough Sheelin block will also see early drilling. So operationally Connemara is set fair.

As Chairman I am less comfortable with the ongoing corporate activity in the sector where Xstrata have bid to acquire the Minco stake in the Pallas Green discoveries. The takeout price is poor reflecting current stock market conditions and the onus for Minco to continuously raise cash to maintain their interest. Connemara is in a better position in that it has few shares in issue, less than 26 million, and fewer shareholders thus making funding easier. However, maintaining our interest in this potentially world class zinc discovery will take time and cost money. The Board and I are working to secure the shareholders� position and will look at all options to achieve this as the project continues to grow.

John Teeling
Chairman

22 September 2011

Enquiries:

Connemara Mining Company Plc
John Teeling, Chairman +353 (0)1 833 2833
Jim Finn, Financial Director

Westhouse Securities Limited
Richard Baty +44 (0)20 7601 6100
Tim Feather

Optiva Securities Ltd
Jason Robertson +44 (0) 203 137 1906
Jeremy King +44 (0) 203 137 1904

College Hill
Nick Elwes +44 (0) 207 457 2020