Vast reserves of gold discovered in Irish hills

Not many people have heard of the village of Clontibret, tucked away amid the rolling hills of Ireland's County Monaghan.

But for the village population of just over 300, that is all about to change.

Yesterday a mining company announced that Clontibret is to become Ireland's Klondyke after a major gold find in the area that could be the largest anywhere in the British Isles.



Conroy Diamonds and Gold issued a formal announcement to the London Stock Exchange that an area just outside the village has more than 1m ounces of gold.

With precious metal prices soaring in these times of global economic instability, the exploration company estimated that the gold deposits could be worth up to £450m.

Professor Richard Conroy, the chairman of Conroy Diamonds and Gold, said: "There's never been a gold mine anywhere near this size in Ireland and the UK."

There's a news video here.