Conroy Gold and Natural Resources (Conroy Gold) announced that they have signed the joint venture agreement with Demir Export. It is noted that the agreement includes Clontibret Licence, the two Northern Ireland Licences, and the nine Other Irish Licences.
In the statement made with reference to the press release dated November 30, 2021, it was stated that the parties signed a three-stage agreement. It was stated that in the first phase of the agreement, after the initial investment of 5.5 million Euros, Demir Export will own 25% share of the companies included in the joint venture. In the second phase, Demir Export will acquire an additional 15% stake after an investment of 4.5 million Euros. In the final stage, as the projects reaching construction ready status, Demir Export will own additional 17.5% of the shares.
When all phases are completed, Demir Export will hold 57.5% in JV Company with approx. 10 million Euro investment.
The Conroy Gold stated that the primary focus of the JV is the development of the gold deposit in the Clontibret Licence to construction ready status and bringing it into operation as a gold mine. The parties’ further aim is to also develop the Northern Ireland Licences and the Other Irish Licences within the Longford-Down Zone to construction ready status.
According to the resource estimation study dated 2012, It is known that the Clontibret Licence has gold resource of 517,000 oz Au.
