Fortbridge Media ReleaseConnemara Mining Company PLC [AIM:CON] - Preliminary Results for the Year Ended 31 December 2012Connemara Mining announces its results for the year ending 31 December 2012.
Operational Highlights:
Zinc
o Connemaras partners Teck- now conducting extensive exploration campaign on Oldcastle Block as follow-up to drilling by Connemara in their 2008 campaign
o Partner being sought for near Lisheen and Newcastlewest targets
o Geophysical and geochemical programme ongoing at Oldcastle block with drilling expected later in 2013
Gold
o Airborne Magnetic surveys have shown have identified at least three zones which have been followed up by ground geochemical surveys with significant gold potential
o Drilling programme expected in late 2013/early 2014
Chairman, John Teeling, said, Connemara is fortunate in that it has low fixed expenses; our gold and Oldcastle zinc programs are fully funded, while work on the Stonepark block is funded by Teck, though diluting Connemara. We are therefore able to advance the portfolio of assets without a considerable cash cost. As the exploration sector implodes for lack of funding, opportunities are emerging. Junior exploration companies have in some cases markets capitalisations below their cash balances. In other cases measured or indicated reserves are available at very low valuations. We expect there will be consolidation in the industry and will monitor any acquisition opportunities if they arise.