Irish AIM-listed exploration firm Connemara Mining said it would seek new funding to pay for its operations at Stonepark in Limerick as it reported an operating loss of £283,271 for last year.
Preliminary results for the year ended December 31st, 2009 showed a loss per share of 1.78 cent. The company had investment revenue of €13,342 for the year, bringing the loss before tax to €269,929. This compares to pre-tax losses of €472,795 in 2008, and operating losses of €504,253.
Connemara has a 25 per cent interest in the zinc discovery at Stonepark, with Teck Cominco taking the remaining 75 per cent. The company said recent results from drill holes 400 metres from Stonepark North show an extension of a high grade mineralisation.
Drilling will continue during 2010 and 2011, with the programme costing Connemara £500,000 per year.
"The potential in Stonepark is excellent and results continue to be very good. The timing of this discovery is ideal as zinc demand is growing and supply is, at best, flat," said chairman John Teeling.
"It is going to cost Connemara up to £1 million over the coming two years to pay our way in Stonepark. We are having a fundraising to ensure we have the funds in place."
