Consolidation
of 100% Interest in the Barruecopardo Tungsten
Project
The
Board of Ormonde is pleased to report that its
wholly-owned subsidiary Saloro SLU ("Saloro") has acquired the 10% interest in the Barruecopardo Tungsten Project held by its joint venture
partner SIEMCALSA (The Society of Mining Investigation and
Exploitation of Castilla y Le n, SA), thereby
consolidating a 100% interest in Barruecopardo.
The acquisition also includes SIEMCALSA's 10% interest in the surrounding
tungsten and gold exploration portfolio.
Main
Points
Saloro has acquired
SIEMCALSA's 10% interest in the Barruecopardo Tungsten
Project and surrounding tungsten and gold exploration ground Saloro has thereby consolidated a 100% interest in Barruecopardo.
The cash
consideration is payable in several staged amounts, 0.1 million payable on signing, 0.9 million payable in two tranches over
the next 18 months, with the balance of 1.8 million payable in 3 tranches out of
the first three years production from a mining operation at Barruecopardo
making a total of 2.8 million.
SIEMCALSA will
continue to work on a consultancy basis with Saloro
as the Project develops.
Kerr
Anderson, Ormonde's Managing Director, said:
"We
are delighted to have consolidated a 100% interest in Barruecopardo
at a time when we are progressing towards tungsten production in late 2012. The
Company has appreciated greatly working with SIEMCALSA, as its partner since
2005, to bring the project to its current stage. I look forward to their
continued involvement on a consultancy basis into the future.
Having
a 100% interest will also provide the Company with flexibility in discussions
with relevant parties with regards to options for funding of the capital
development stage of this strategic tungsten asset".
Permit
Details
Saloro is acquiring SIEMCALSA's 10%
interest in the Saloro-SIEMCALSA Joint Venture
pertaining to six Investigation Permits covering a total area of 272 square kilometres in the Salamanca Province of Spain which include
the Barruecopardo Tungsten Project.
For
more information please visit www.ormondemining.com.
Enquiries
to:
Ormonde Mining plc
Kerr
Anderson, Managing Director Tel: +353 (0)46
9073623
Bankside Consultants
Simon
Rothschild / Louise Mason Tel: +44 (0)20 7367 8888
Mob: +44 (0)7703 167065
Davy
(Nomad / ESM Adviser)
Fergal
Meegan / Roland French Tel:
+353 (0)1 6796363
Fairfax
I.S. PLC (Joint Broker)
Ewan
Leggat / Katy Birkin Tel: +44 (0)207 598 5368
ENDS
About
Ormonde
Ormonde Mining Plc is quoted on the AIM in
London & the ESM in Dublin. Ormonde is a mineral
development and exploration company focused on Spain (Ticker ORM).
Ormonde's key activities include:
The Barruecopardo Tungsten
Project
- Ormonde is developing a
low cost mining operation at Barruecopardo to
initially produce ~8% of non-Chinese global mine production from 2012.
The La Zarza
Copper-Gold Project -
Joint Venture with Antofagasta Minerals - a large "massive sulphide" deposit with
significant copper, gold and zinc resources; exploration for an enlargement to
the copper resource is being funded by Antofagasta.
Gold
Explorationin several highly prospective areas of
western Spain.