LONDON (ShareCast) - (Sharecast News) - Ireland and Finland-focussed exploration and development company Conroy Gold and Natural Resources announced on Wednesday that the definitive agreements for the proposed joint venture with Demir Export on an earn-in basis, over the licences held by Conroy Gold along its 65 kilometre-long district-scale gold trend in the Longford-Down Massif in Ireland, had reached an advanced stage.
The AIM-traded firm said on completion of documentation, an extraordinary general meeting would be held to seek shareholder approval.

As agreed by Conroy Gold and Demir Export, the terms of the letter of intent would form the basis for the definitive agreements, and the two parties were progressing the joint venture on terms "materially identical" to those announced on 25 February.

The primary focus of the joint venture project would be the development of the gold deposit within the Clontibret licence to construction-ready status, and bringing it into operation as a gold mine.

Conroy said the parties' further aim is to have the other licences held by Conroy Gold given the same status one after the other.

Clontibret is expected to provide the foundation for a long-term relationship between the parties.

"My colleagues and I look forward very much to working with the Demir Export team on the joint venture partnership - Project Inis - and building the foundations for a long term, successful relationship," said chairman Richard Conroy.

"Demir Export has the mining expertise and the financial resources not only to bring the Clontibret gold deposit to construction ready status and into operation as a mine, but also to advance the significant gold potential of the other licences along the gold trend to the same status."

At 1249 BST, shares in Conroy Gold were up 4.87% at 21.76p.

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