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Additional Information
Market: AIM
Sector: General Mining - Zinc, Lead and Tin
EPIC: CON
Latest Price: 8.75p  (0,00%)
52-week High: 20.00p
52-week Low: 8.50p
Market Cap: 2.25M
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Connemara Mining
www.connemaramining.com

Connemara Mining Company plc was established in 2006 by veterans of the Irish zinc industry to exploit zinc opportunities in Ireland and currently holds 38 prospecting licences in central and south-west Ireland. Connemara’s licences are for some or all of the base metals (Bm), barite (b), gold (g), silver (s), and platinum group elements (PGE). The Connemara exploration philosophy is trendology and closeology - follow the mineralised trends and obtain ground as close as possible to existing or former zinc/lead mines.

Full Connemara Mining profile here
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Connemara Mining finds JV partner for Mine River gold project

2nd Feb 2012, 8:43 am by Sergei Balashov Hendrick will spend €500,000 to earn a 50 percent interest in the Mine River licenses and has the option to spend a further €500,000 to increase its stake to 75 percent of the joint venture

Connemara Mining (LON:CON) jumped 17 per cent in early deals after securing a partner for the Mine River block in Ireland, which is prospective for both base metals and gold.

The company has entered a joint venture agreement with Canadian group Hendrick Resources to explore the Mine River project, which includes a group of four contiguous prospecting licences covering an area of around 130 square kilometres (sq km).

Abundant mineralised float samples with gold results up to 52.18 grammes per tonne (g/t) have been found on the licence block, particularly around the Tombreen and Knocknalour area.

Previous exploration has discovered significant gold occurrences in rocks and rivers in the area of the Mine River licence block.

Under the terms of the agreeement, Hendrick will spend €500,000 to earn a 50 percent interest in the licences and has the option to spend a further €500,000 to increase its stake to 75 percent of the joint venture.

The Canadian company can withdraw from the joint venture at any time with its interest reverting to Connemara.

The partners will start exploration work immediately, including airborne and ground geophysics, geochemistry and subsequent drill testing.

“We are delighted with this joint venture,” said chairman of Connemara Mining John Teeling.

“Dale Hendrick founder of Hendrick is a highly experienced successful figure in Canadian exploration. He is of the opinion that a commercial gold deposit remains to be found in south-east Ireland.  This is a view long held by the founders of Connemara.

“A fresh experienced eye and the application of new and improved exploration techniques, combined with our extensive database offers exciting prospects.”

Connemara traded at 11 pence this morning, up 17 percent from Wednesday’s close. The company currently has a market cap of £2.85 million.

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