25 May 2012

Karelian trims loss

12/11/2010 Robert Tyerman

Finland-focused Karelian Diamonds has reduced annual losses 11 per cent to £173,000 and is optimistic about sharing data with Rio Tinto.

The Dublin-based company, controlled and financed by Professor Richard Conroy of Conroy Diamonds & Gold, has obtained two new licences in Finland's Kuhmo area and continues to explore in Eastern Finland's Joensuu area.

In July, AIM-quoted Karelian reached a data sharing agreement with mining giant Rio Tinto, giving Rio the option to earn 51 per cent of any Finnish project Karelian identifies from this data – provided Karelian has completed at least 10 tons of bulk sampling and discovered a resource worth at least as much as the in situ value of three million oz of gold. Professor Conroy declares the confidential information and physical samples being made available to Karelian by Rio Tinto ... 'will be a significant addition to Karelian's existing database.' 

In the year to May, 2010, Conroy says he continued his practice of lending money 'on normal commercial terms' to Karelian to provide working capital. He lent the equivalent of £146,000 in 2009-10, taking the balance owed to him to £746,000.

Floated at 5p five years ago, Karelian shares now stand at 3.3p. That values the company at £1.8 million.

Tags: AIM, Commodities, Deals & contracts

Sector: Mining

Companies: Karelian Diamonds Resources

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