The firm, which experienced an increase in annual losses from €3,137 to €624,398 in 2007 said, since listing on London's Alternative Investment Market, it had made two significant zinc discoveries in Limerick and at Lough Sheelin on the Meath/Cavan border.
The company also announced it had found another major concentration of high-grade zinc mineralisation at the Stonepark-based section of its Monaster mine in Co Limerick, last week.
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These two finds are the result of the firm's five-hole scouting drilling programme, established at the end of last year.
"The grades and thickness in this recent hole, and the earlier hole, compare very well with those in the Lisheen and Galmoy zinc mines to the northeast of Stonepark. It is early days, but this second high quality hole increases both the interest and confidence in the licence area," said Connemara Chairman John Teeling.
"Two zinc discoveries in our first year as a publicly listed company is a major achievement."
"Exploration is a high risk game and many people have spent years unsuccessfully prospecting and drilling without finding anything. In one year, we have had two exciting discoveries with one showing world class grades and the other in an area similar in geology to one of the largest zinc mines ever found," he added.
This news comes after an Antrim company's announcement that it plans to increase its product portfolio to incorporate more zinc based products.
See: New Zinc Range From Copper Ridge
(PR/JM)
