IMC Exploration Group: Digging deep

IMC Exploration Group plc, 70 Ballybough Road, Dublin 3, was incorporated in June 2011 and its shares began trading on the Plus market in October of that year.

It transferred to the GXG in May 2012 after the closure of Plus. It has raised approximately €1.3 million from shareholders.

The directors of the company at the time of its launch included Liam McGrattan and Neil Ring, who were major shareholders. Another major shareholder was Ring's sister-in-law, Lisa McDonnell.

The company has metal and gold exploration licences in counties Wexford and Wicklow. Audited accounts for the year to the end of June 2013 show IMC lost approximately €350,000 that year and the previous year, and had €52,000 in cash at the end of the reporting period, down from €679,144 at the end of the previous year. Accumulated losses were €744,086. The company continues to explore for metals, including gold, in Ireland.

Both Ring and McGrattan said IMC’s gold prospecting activities in Wexford have great potential.

“IMC has had some of the best [exploration] results ever in Ireland,” said Ring.

McGrattan, the company’s chairman, said he was confident that it will develop its assets “not just for shareholders but for the Irish people”.