1 million ounce gold resource reported at Clontibret
July 01 2008 - 2:00AM
UK Regulatory
1 July 2008
Conroy Diamonds and Gold plc
("Conroy Diamonds and Gold" or the "Company")
1 MILLION OUNCE GOLD RESOURCE
REPORTED AT CLONTIBRET
* Indicated Resources Now Stand At 440,000 Ounces; 590,000 Ounces Inferred
* New Total Relates To Only 20 per cent Of The Clontibret Target Area
* Ongoing Drilling Programme Expected To Increase Total Resources
Conroy Diamonds and Gold (AIM: CDG) announces a substantial upgrading, to over
1 million ounces, of the JORC-compliant gold resource at its Clontibret project
in Ireland. This follows further evaluation and appraisal work by independent
mining consultants G. Zandonai et al on the earlier announced estimates. The
directors believe that this is the first gold resource of over 1 million ounces
to be reported in Ireland or the UK.
These latest JORC-compliant Mineral Resources relate to an area amounting to
only 20 per cent. of the Clontibret target anomaly. Infill drilling is ongoing
in this area and is expected to increase the Mineral Resource. Drilling has
also commenced at other sites within the remaining 80 per cent of the
Clontibret target anomaly.
Using a 0.75 g/t cut-off (previously 1.00g/t), which brings the Company in line
with its peer group, the Indicated Resources now stand at 11.0 million tonnes
grading 1.24 g/t for 440,000 ounces gold contained.
Total Mineral Resources, also at a 0.75 g/t cut-off, amount to 25.0 million
tonnes grading 1.28 g/t for 1,030,000ounces gold contained. (Using the previous
1.00g/t cut-off, the new total represents a 70 per cent increase on the
previously announced Mineral Resources).
Indicated Resource Tonnes (Mt) 11.0
Grade g/t @ 0.75g/t cut-off 1.24
Resource ounces gold 440,000
Inferred Resource Tonnes (Mt) 14.0
Grade g/t @ 0.75g/t cut-off 1.32
Resource ounces gold 590,000
Total Resources Ounces Gold 1,030,000
The Mineral Resources have been estimated in accordance with international
standards compliant with the JORC classification.
Commenting today, Chairman, Professor Conroy said: "We are very pleased to have
achieved our initial target of over 1 million ounces of gold in only 20 per
cent of the Clontibret target with an increase in Indicated Resources to over
400,000 ounces. The revised cut-off grade brings us in line with our peer group
and gives the Company a sound basis for pre-feasibility studies".
This release has been approved 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.
Details of the Company's projects can be found on the Company's website at:
http://www.conroydiamondsandgold.com/projects/index.php
Further Info: Professor Richard Conroy, Chairman, Conroy Diamonds and Gold Plc.
Tel: + - 353-1-661-8958
Charles Dampney, City Capital Corporation Limited Tel: + - 44-20-7842-5867
Jeffrey Coburn/Virginia Bull, John East & Partners Limited. Tel: + - 44-20-7628-2200
Ron Marshman/John Greenhalgh, City of London PR Limited. Tel: + - 44-20-7628-5518
Don Hall, Hall Communications Tel: + - 353-1-660-9377
END
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