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Conroy Gold agrees Clontibret partnership with Turkish powerhouse Demir Export

Published: 02:38 26 Feb 2021 EST

Conroy Gold and Natural Resources PLC -

Conroy Gold and Natural Resources PLC (LON:CGNR) has dropped its planned Irish joint venture with Anglo Asian Mining PLC (LON:AAZ) in favour of a deal with Turkish group Demir Export.

A letter of intent between the two firms has already been signed, with Demir set to fund and develop Conroy’s Clontibret licence on the Longford-Down Massif gold trend.

The Turkish group will pay €1mln on signing a definitive contract and can take its stake up to 57.5% through funding the project through to construction-ready status.

At that point, Conroy will have the choice to keep its stake at 42.5% or be carried with a loan through to production.

Demir is a Fortune Global 500 mining company with interests in iron, coal, gold and base metals, including zinc and copper.

Its owners, the Koç family, also run Turkey’s largest industrial conglomerate.

Conroy said its plan is for similar arrangements with Demir to be put into place for its other licences on the Longford-Down trend, nine of which are in the Irish Republic and two in Northern Ireland.

Demir will also have the right of refusal over eight gold exploration licences in Finland and one other licence in Ireland not subject to the proposed joint venture.

Richard Conroy, Conroy’s chairman, said: “The comprehensive nature of this Letter of Intent should facilitate us progressing through the next stage of the transaction.

"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.”

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