Connemara Mining reduces losses

Connemara Mining has reduced its losses by 19 per cent for the year ended December 2012, the precious metals exploration company said in preliminary results this morning.

The company said it reduced losses from €397,121 in 2011 to €322,988 in 2012 and has raised £451,000 his year to cover liabilities and expenditure for the next 12 months.

Chairman John Teeling said he believes there will be consolidation within the junior exploration industry and that Irish listed metal explorer was well placed to capitalise on any such activity.

“As the exploration sector implodes for lack of funding, opportunities are emerging. Junior exploration companies have in some cases market capitalisations below their cash balances. We expect there will be consolidation in the industry and will monitor any acquisition opportunities if they arise.

Connemara is an exploration firm with principal assets in zinc/lead exploration licences as well as shear-hosted gold exploration licences in Ireland.

It holds 33 zinc/lead and gold exploration licences in Ireland, including a potentially significant zinc discovery at Stonepark in Limerick, which is part of a joint venture with international mining group Teck.