EXPLORATION COMPANY Conroy Gold and Natural Resources, may apply for planning permission late next year to begin mining its prospects in the Border counties.

Speaking after its annual general meeting in Dublin yesterday, chairman Prof Richard Conroy told shareholders the company hopes to be able to complete its environmental impact and feasibility studies of the Clontibret gold target in Co Armagh over the course of the next 12 months.

Once these are completed, he said that Conroy would be in a position to apply for planning permission and, simultaneously, for mining licences.

The chairman added that these plans may not advance as quickly as the company would like.

Conroy has two initial targets, Clontibret and Clay Lake. Both form part of a geological feature, known as the Longford-Down Massif, which runs for 50km through Cavan, Monaghan and Armagh.

That feature is known to contain gold ore and could ultimately hold between 15 million and 20 million ounces of the precious metal.

Prof Conroy said the initial mining operations that the company is considering could produce up to 50,000 ounces of the precious metal a year. Gold was trading at $1,609.95 an ounce on world markets yesterday.

Over the last week, Prof Conroy and the company’s managing director, Maureen Jones, increased their holdings in the company through the purchase of shares.

The chairman bought 975,000 of the company’s shares for prices ranging between 2.9 pence sterling and 3.44 pence. This brought his stake to 23.19 per cent of the company.

Ms Jones bought 100,000 units for 3.44 pence, bringing her holding Conroy to 0.329 per cent.

Prof Conroy has a long history in the exploration industry. In 1986, another company he founded, Conroy Petroleum and Natural Resources, which subsequently became Arcon, discovered the Galmoy zinc deposit in Co Kilkenny.

The Republic is now one of the biggest producers of zinc in Europe, accounting for 40 per cent of total production.