There's Gold In Them 'Thar Monaghan Hills

The largest ever gold mine in Britain or Ireland has been reportedly found outside a small village in Co Monaghan.

Conroy Diamonds and Gold, has issued a formal announcement to the London Stock Exchange that the area outside Clontibret, Co Monaghan, has more than one million ounces of gold.

With the price of the precious metal surging in the present economic uncertainties, the exploration company says the deposits could be worth as much as €570 million.

Company chairman Professor 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.

According to the company: "Clontibret in County Monaghan, a mineral resource of over 1 million ounces of gold has been estimated for an area representing less than 20 per cent of the target.

"Drilling has commenced in the remaining 80 per cent of the Clontibret target anomaly, which is expected to further increase this resource. This is the largest gold resource reported to date in Ireland or the UK."

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.

Costs of building and running the mine are estimated at around two-thirds of the value of the unexploited resources which, at present prices, could see a return of €190m.

(DW/JM)