Agreement with Teck Ireland

RNS Number : 1370I

Connemara Mining Company plc

20 July 2012

 



20 July 2012

Agreement Signed on Connemara Mining's Oldcastle Block of Licences in Meath

Connemara Mining Company plc ("Connemara") (AIM: CON) is pleased to announce that an agreement has been reached with Teck Ireland Ltd. ("Teck"), a subsidiary of Teck Resources Limited, on our Oldcastle Block of licences in Cavan/Meath.  Teck can earn a 75% indirect interest in the licences by spending €1.35m by 2018. The agreement is subject to regulatory approval.

Over the past 6 years Connemara has undertaken significant exploration including geochemical and geophysical work in this area as well as eleven drillholes on the 170 sq km block.  Five of the holes showed trace zinc/lead mineralisation.  Results from Drumlerry in the north of the block showed fracture/vein-fill zinc/lead indicators suggesting that this was a satellite mineralisation which could be within a short distance of a deposit.  The initial work programme indicated by Teck includes further soil coverage, seismic surveying and deeper target drilling.

John Teeling, Chairman, commented, "The Oldcastle block of ground is much sought after because it shows some of the geological signatures present in the giant Tara zinc mine some 20 kms to the south east.  Sub-economic deposits have been known on this block for decades.  The likely targets are deep and expensive to drill.  Teck has the techniques, experience and finances to test the potential."

Connemara is a diversified exploration company with principal assets in base metal zinc/lead exploration licences as well as shear hosted gold exploration licences in Ireland.  The company holds interests in 34 licences covering an area of approximately 1,250 sq km.

This announcement has been reviewed and approved by the Company's technical director Graham Reid (P.Geo) in his capacity as the Qualified Person for the purposes of the AIM Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange.  Mr Reid is a Professional Member of The Institute of Geologists of Ireland (IGI) and The Society of Exploration Geophysicists (SEG) and has over 30 years' experience in mineral exploration and site investigation fields.

Enquiries:

Connemara Mining Company Plc

John Teeling, Chairman                                                                                 [phone]

Blythe Weigh Communications                                                                 [phone]

Tim Blythe                                                                                                          [phone]

Robert Kellner                                                                                                  [phone]

Westhouse Securities Limited

Richard Baty                                                                                                       [phone]

Petre Norton

Optiva Securities Ltd

Jason Robertson                                                                                              [phone]

Jeremy King                                                                                                       [phone]

Pembroke Communications

David O'Siochain                                                                                             [phone]

www.connemaramining.com

 

END

 

 

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