Prospectors have discovered what they believe to be the biggest ever untapped gold mine in Ireland outside a small village, it was announced today.
With the price of the precious metal surging in the present economic uncertainties, the exploration company says the deposits near Clontibret, Co Monaghan, could be worth as much as €570 million.
Conroy Diamonds and Gold, the company behind the discovery, has issued a formal announcement to the London Stock Exchange that the area outside Clontibret, close to the Irish Border, has more than one million ounces of gold.
Company chairman Prof Richard Conroy said: “There’s never been a gold mine anywhere near this size in Ireland and the UK.”
The declaration is expected to attract interest from major international players in the gold mining industry and raise hopes in the historically deprived Border region of a modern-day gold rush that could restore its fortunes.
Conroy Diamonds and Gold is now starting a feasibility study for the economic viability of mining the gold, which it says could begin within two to three years’ time.
Although the grade of the gold in Co Monaghan is relatively low by world standards, the sheer size of the find and the surging prices of the precious metal mean it could still be hugely profitable.
The Mayor of Monaghan, Sinn Féin Councillor Matt Carthy, welcomed the discovery of the goldmine and said he was hopeful that the discovery will bring financial and employment benefits to the County.
"In the current climate of job losses and recession it is a welcome piece of news for the people of Monaghan to hear that a massive goldmine has been found in our County.
"It is essential that the people of Monaghan feel the benefits of our natural resources and I would therefore be hopeful that this find will bring financial and employment benefits to the County.
PA