It has been announced that what is believed to be the largest untapped gold mine in Britain or Ireland has been found by prospectors. The mine is located just outside a small border town in Ireland.In the current economic situation with gold prices surging and uncertainty abounding the exploration company is enthusiastically optimistic about their find. The company states that the gold deposits could be worth as much as £570m (£450m).
A formal announcement was released to the London Stock Exchange by Conroy Diamonds and Gold, the company behind the discovery. The company has estimated that the gold mine located in the area outside Clontibret, Co Monaghan, close to the Irish border, has more than one million ounces of gold.
Company chairman Professor Richard Conroy said: "There has never been a gold mine near this size in Ireland and the UK."
The announcement is expected to garner intense interest from major international players in the gold mining industry. The hope is that the news could trigger a modern day gold rush in the historically deprived border region.
The rising price of gold in recent years has already seen Scotland's Cononish mine, near the village of Tyndrum, reopen after having lain dormant for years.
Conroy Diamonds and Gold said the gold deposits in Co Monaghan, miles from the once conflict-ridden south Armagh, are at least four times the amount as in the Scottish mine.
The company is now starting a feasibility study for the economic viability of mining the gold which it says could begin within two to three years' time. 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 for the company.
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