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The Finance Director of IMC Exploration PLC, Nial Ring, joined Alan Green, CEO of Brand Communications, on the Tip TV Finance Show to discuss the projects and developments ahead for the company.
What does the future hold for IMC Exploration?
Ring began by outlining that IMC has 5 precious metal and 10 base metal licences in Ireland, and has entered a joint venture with Koza Gold. He continued that Koza Gold has invested 1.4 million euros for 55% of the precious metal licences, and Ring already noted that they have drilled over 1000 metres, have analysed 420 drill holes and spent plenty of time and money investigating in Ireland. He highlighted that IMC Exploration is preparing to be fully-listed on the stock market in order to be able to raise capital for future deals with Koza Gold or other firms interested in working with IMC.
The deal will see Koza operate the licences, conducting exploration activities in the fields and financing the operations in an investment worth €3.4m.
It will take a 75pc stake in the project while IMC will hold the remaining 25pc.
Four of the licences are located in Wicklow while the fifth is in Wexford.
The licences are close to the ancient Avoca copper and gold mines, where exploration dates back to the Bronze Age, and to the Gold Mines river, the scene of the 1796 goldrush.
IMC announced in 2012 that it had found “exceptionally high” gold results after drilling in Co Wexford.
Chairman Liam McGrattan said that the company had more positive results from drilling in January and decided to bring in Koza to help develop the licences faster.
“If we didn’t have a joint venture partner we would look at it ourselves, but we wouldn’t be able to develop it nearly as fast as with Koza,” he said.
Koza now has six more drilling targets in the area. Drilling is set to begin to begin in the coming days and will last for several months. Mr McGrattan said that drilling will continue until the commercial viability of the project can be proven.
Link here to full Irish Independent article