Aurum Mining Plc

Published : March 16th, 2011

Option on Salamanca and Zamora projects

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Johnson | Ormonde  mining | Spain | Tungsten |

 

Joint Venture with Ormonde Mining plc

 

Aurum Mining plc (AIM: AUR) is pleased to announce that it has entered into a joint venture agreement (the "Agreement") with Ormonde Mining plc ("Ormonde") (AIM: ORM) under which Aurum will partner with Ormonde in gold exploration over four permit areas in northwest Spain.

 

The ground holdings in this Agreement comprise two permit areas in Zamora province, in which a fully-owned subsidiary of Ormonde has a 100% interest and a single permit in Salamanca province in which the Ormonde subsidiary has a 90% interest. Ormonde also has an application for a further permit area in Salamanca province and this will also be included in the Agreement.

 

Ormonde's main exploration focus in the region has been on the Barruecopardo tungsten deposit and some work has been targeted at gold exploration, including drilling on the Zamora permits, which has returned best intervals of 23m grading 1.1g/t gold (including a high-grade interval of one metre grading 16.6g/t gold) and 9m grading 1.5 g/t gold. No drilling has been carried out to date on the two permits at Salamanca, however there are significant soil geochemical anomalies, supported by results of prospecting and a limited amount of trenching, at the permit area.

 

Under the terms of the Agreement, Aurum has committed to expend Euros 500,000 on exploration work across these four permit areas in return for 60% of Ormonde's interest in these permit areas.  Once Aurum has incurred the Euros 500,000 expenditure, it will own a 60% interest in the two permit areas in the Zamora province and a 54% interest in the two permit areas in the Salamanca province.

 

Aurum's committed expenditure will be incurred over an eighteen month period. During the first nine months Aurum will spend Euros 200,000 to carry out exploration work against a pre-agreed work programme. Funds will be allocated across all four permit areas. Once this work has been carried out and the results of the exploration analysed, Aurum will then spend a further Euros 300,000 on a second work plan which will be agreed between Aurum and Ormonde at that stage. Aurum will not legally have any interest in any of the permit areas until the full commitment of Euros 500,000 has been spent on the exploration work.

 

Ormonde will be the Manager of the venture and will be responsible for all exploration, operational and day to day activities. As part of the Agreement, Aurum will be nominating two individuals to be part of a four man Technical Committee that will assist and advise the Manager and oversee the mechanics of the Agreement.

 

The Aurum Board is excited about the opportunity these permit areas represent and looks forward to working alongside Ormonde over the next eighteen months and beyond.

 

Aurum's current net cash position is approximately ?0.75m, and the Company continues to investigate other suitable investment opportunities.

 

By entering into the Agreement, Aurum will be deemed to have implemented its investing policy, as set out in the circular to shareholders dated 23 October 2009, for the purposes of Rule 15 of the AIM Rules. Restoration of Aurum's ordinary shares to trading on AIM is expected to occur at 7.30 a.m. today, 14 March 2011.

 

For further information:

 

Aurum Mining plc

Tel: 020 7499 4000

Chris Eadie, Chief Executive Officer

Arbuthnot Securities

Tel: 020 7012 2000

Richard Johnson/James Steel

 


This information is provided by RNS

The company news service from the London Stock Exchange

 

END

 

 

JVESFLFMFFFSEED

To unsubscribe from alerts, please visit Ormonde Mining PLC's website.

 

Data and Statistics for these countries : Spain | All
Gold and Silver Prices for these countries : Spain | All

Aurum Mining Plc

EXPLORATION STAGE
CODE : AUR.L
ISIN : GB00B00T3528
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Aurum Mining is a gold exploration company based in United kingdom.

Its main exploration property is SALAMANCA & ZAMORA in Spain.

Aurum Mining is listed in Germany, in United Kingdom and in United States of America. Its market capitalisation is GBX 111.4 billions as of today (US$ 133.3 billions, € 116.8 billions).

Its stock quote reached its lowest recent point on January 29, 2016 at GBX 0.50, and its highest recent level on January 17, 2022 at GBX 115.50.

Aurum Mining has 964 359 200 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Project news of Aurum Mining Plc
3/16/2011(Salamanca & Zamora)Option on Salamanca and Zamora projects
Corporate news of Aurum Mining Plc
6/17/2016Aurum Mining PLC - Convertible Loan and Trading Update
11/19/2015Aurum Mining PLC - Half Yearly Report
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
LSE (AUR.L)FRANKFURT (DTW.F)
115.50+0.00%0.014-6.67%
LSE
GBX 115.50
01/17 11:35 -
0%
Prev close Open
115.50 115.50
Low High
113.00 116.00
Year l/h YTD var.
111.00 -  117.50 4.52%
52 week l/h 52 week var.
97.50 -  215.00 -36.54%
Volume 1 month var.
12,741 -%
24hGold TrendPower© : -8
Produces
Develops
Explores for Gold
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2022-39.21%
202125.41%230.00130.10
2020-29.53%346.00137.00
20197313.79%3.271.35
2018-7.35%6.402.62
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 8.24+0.92%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 3.02-1.95%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.84+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 0.50-3.27%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.70-4.39%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.02+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 3.40-7.36%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 10.65-1.30%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.30+1.72%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.26-7.02%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 1.76-2.22%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 69.92+0.59%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04-6.67%Trend Power :