News

July 22, 2008

Conroy Hits A Million Ounces And Has Still Barely Scratched The Surface

By Alastair Ford

Professor Conroy showed up on BBC Television news a couple of weeks ago, as reporters from that august public institution roved across his Clontibret gold property taking vox populi about the “massive” gold find that the professor has delivered there. It was just as well they didn’t call it “world class”, as that really would have been stretching the bounds of credibility. But actually it was nice to see. Conroy Diamonds And Gold has been slogging away at Clontibret for many years now, and over the years the story’s gradually evolved, and gradually improved. In these ungrateful markets perhaps it’s a good thing that the professor’s backing it with his own money, since the slow pace of exploration in general across the sector has been severely punished of late.

But the market certainly liked the look of Conroy after the company announced a JORC-compliant 1.1 million ounces of gold for Clontibret, 440,000 of which is in the indicated category. The shares leapt by nearly 25 per cent to 4p when the news came out on 1st July. When they then punched through 4.4p a day or so later, it was as high as they’d been all year. As the professor himself puts it: “the shares moved up quite a little bit”. But speaking of ungrateful the markets, three weeks down the...