LONDON, July 1, 2008 (AFP) - An Irish mining group said Tuesday it had discovered the biggest gold mine ever found in Britain or Ireland, with upwards of one million ounces (28,350 kilograms) of the precious metal.

Conroy Diamonds and Gold announced in a statement to the London Stock Exchange 'a substantial upgrading, to over one million ounces of... its Clontibret project in Ireland.'

After exploring a fifth of the mine in Clontibret, northest Ireland, the company said the site contained an estimated 440,000 ounces of gold, and expert assessments infer an additional 590,000 ounces in its unexplored areas.

An ounce of gold currently sells for approximately 930 dollars (590 euros), meaning that the discovery is worth an estimated 930 million dollars.

Depending on the results of a feasibility study that Conroy Diamonds and Gold has commissioned, mining could begin within two to three years.