Connemara Mining Company PLC (AIM: CON) said its focus going forward is firmly in zinc, and in the coming months, it will drill Lough Sheelin in Cavan and Castlemaine in Kerry following promising zinc discoveries there, while partner Teck Cominco will focus on exploring the size of the Stonepark discovery in Limerick.
The statement accompanied the group’s results for the year ending December 31 2008, which showed pretax loss narrowing to €472,795 from €624,398 a year earlier, while cash balances closed the year at €0.47 million, with no debt.
Connemara said it is well placed to benefit from renewed investor interest in metals and exploration companies as the world recovers from the economic collapse. It is well positioned to take advantage of what is likely to be the next wave of Irish zinc mine development.
The group has adequate funds to undertake required expenditure in 2009.