There's gold in them thar hills but it will cost a fortune to get it out

[emad]

The Times
By Richard Irving and Stefanie Marsh

A TINY Canadian mining company with less than £1.55 million to its name announced yesterday that it had struck a vast new gold deposit in an obscure Irish mountain — and asked for a financial hand in getting it to the bank.

In a statement to the Canadian Stock Exchange, Tournigan Gold Corporation said that it had found a 1,600ft deep seam of gold in the Sperrin Mountains, near Omah, Co Tyrone, worth £235 million at today’s prices.

The company has been drilling in the area for more than a year since buying the exploration rights from the Irish company Ennex International. It believes that it now has enough evidence of the find to take the project to a financial backer.

But Kent Ausburn, vice president in charge of exploration, admitted to The Times last night that Tournigan was still looking for at least C$20 million (nearly £9 million) up front just to get the project off — or rather under — ground. ”We are reviewing the latest data we have on the site before taking the project forward”, he said.
More:
http://www.timesonline.co.uk/newspaper/0,,173-1309437,00.html

Irish gold? now where have I heqard that one before?

[elehhhhna]

1. so we're invading Ireland next?

[JohnyCanuck]

2. Nope, this is just plain old gold, not black gold. n/t