A Co Monaghan gold prospect had the potential to be the first significant such mine in Britain and Ireland in recent times, a spokesman for Conroy Diamonds and Gold said yesterday.

Presenting results for the six months to June 30th, 1997, Prof Richard Conroy, chairman of the OFEX over-the-counter traded exploration company, said that initial exploration at Clontibret had shown gold deposits amounting to an average of 10 grams a tonne.

He said that it was already known that deposits went down 150 metres. "The potential, as we see it, even in the immediate limited area is three million tonnes, at ten grams per tonne and, if that is confirmed, that is a major gold mine," he said.

Conroy Diamonds and Gold holds five prospecting licences in the Republic and two in the North, covering a total area of 649 sq km. Prof Conroy said that, before a feasibility study was carried out, up to 100 bore holes would be drilled in the next phase of exploration programme, commencing in the spring and costing up to £5 million. "The programme will include geochemical and geophysical surveys," he said. It was not yet decided how the project would be financed but raising equity or forming an alliance with a strategic partner were options.