Conroy Gold and Natural Resources PLC (AIM:CGNR, OTC:CGDNF) said the necessary regulatory consents have been granted on both sides of the Irish border for licences to be transferred to its new joint venture with Demir Export.
Arrangements are still in process for the last of the licences to be transferred, which is the only outstanding condition to completion of the JV.
As announced earlier this month, the primary focus of the JV, named Project Inis, is the development of the Clontibret Licence, PL 2194, to construction-ready status and bringing it in to production as a gold mine, with further aims of developing the Northern Ireland licences and the other licences in the Longford-Down Massif to construction-ready status.
The company said Demir Export is a long-established Turkish mining company with a strong in-house technical team with mining and exploration expertise.
Chairman Richard Conroy said the granting of regulatory consents for transfer “is a major step forward in implementing the joint venture and I am especially pleased that in both jurisdictions regulatory consent was granted expeditiously.
“My colleagues and I look forward very much to working with the Demir Export team on Project Inis, and building a long term, successful relationship.
“Demir Export has the mining expertise and the financial resources not only to bring the Clontibret gold deposit to construction ready status and into operation as a mine, but also to advance the significant gold potential of the other licences along the gold trend to the same status.”