MORE GOLD IN CLONTIBRET THAT WAS THOUGHT AT FIRST

21 December 2011 No Comments by The Northern Standard

Conroy Gold & Natural Resources, the company carrying out studies potential gold mining in the Clontibret area, announced last week that a study has increased the estimate of gold at its project in Monaghan.
A study prepared by Tetra Tech Wardrop Engineering has increased the resource estimate to 600,000 ounces of gold, while the estimated life of the mine has been increased to 11.2 years.
Company chairman, Professor Richard Conroy said the news had “transformed” the mining economics, as it meant there was a “over 100% increase in contained gold”.
This would lead to a substantial increase in gold production, a reduction in operating costs of over 30% an increase in mine life to over 11 years, and a two-year payback period, an upbeat Professor Conroy said.
The increased estimates will also raise the capital costs of developing a mine to $77.8 million, but this would be offset by the reduced payback period.

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