Drilling Report
Ormonde Mining PLC
16 February 2006
16 February 2006
Ormonde Mining plc
Further Positive La Zarza Drilling Results
DUBLIN & LONDON: 16 February 2006 - Ormonde Mining plc ("Ormonde" or "the
Company") reports further positive results received from its Phase Two drilling
programme at the La Zarza Gold-Copper Project in southern Spain, where it is
earning a 70 per cent interest.
HIGHLIGHTS
• Intersection of 20 metres grading 5.5 grams per tonne ("g/t") gold, within
an extensive interval of 45.5 metres grading 3.7 g/t gold.
• Intersection of 22 metres grading 3 per cent copper, including a
high-grade section of 10 metres grading 4 per cent copper.
• Infill drilling will be ongoing, to advance progress towards feasibility.
Kerr Anderson, Managing Director, said today,
"Having now drilled 23 holes at La Zarza, the project continues to return
excellent results from both gold- and copper-rich zones. Whilst we are
preparing our Preliminary Assessment Study of the project during the next couple
of months, we are sufficiently encouraged by both the drilling results and
metallurgical testwork to-date to embark immediately on further infill drilling
in order to expedite the project towards full feasibility."
Ormonde's objective at La Zarza is to establish a mining operation producing
gold, copper and silver. Results from ongoing drilling, metallurgical testwork
and resource estimation will be incorporated into a Preliminary Assessment Study
to be completed in Q2 2006, leading into a feasibility study in the second half
of the year.
PHASE TWO DRILLING
The Phase Two drilling is infilling previous, widely-spaced drilling to better
define gold and copper resources in the upper part of the La Zarza deposit. The
new results are summarized as follows:
Hole From (m) Width (m) Gold g/t Copper % Silver Au equiv. Cu equiv.
g/t
ORM20 80.0 8.7 6.1 1.1 192.2 12.2 5.0
128.75 45.5 3.7 0.4 21.0 5.0 2.1
includes 142.0 20.0 5.5 0.3 15.2 6.5 2.7
ORM21 109.0 9.3 2.8 0.6 192.8 7.7 3.2
153.0 13.0 4.6 0.3 31.6 5.9 2.4
ORM22 262.3 10.7 0.3 3.5 28.1 9.3 3.8
ORM23B 199.0 22.0 0.6 3.0 20.2 8.2 3.4
includes 206.0 10.0 0.4 4.0 17.7 10.4 4.3
248.0 8.0 5.8 0.3 47.9 7.4 3.0
Notes:
All intersections are hosted by the Silicatado unit.
In-situ gold and copper equivalents, shown for comparative purposes, are
calculated using the following prices: $450/oz Au, $3,500/t Cu, $8/oz Ag.
Earlier Phase Two results were announced on 16th January. All intersections
reported to-date are listed on the La Zarza project page of the Company's
website www.ormondemining.com.
PHASE THREE DRILLING
Ormonde's third phase of drilling at La Zarza will commence immediately upon
completion of Phase Two. Phase Three drilling will continue to evaluate the
deposit to a greater level of detail, including some holes targeting deeper
parts of the deposit not tested by Ormonde to-date.
Enquiries to:
Kerr Anderson, Managing Director,
Ormonde Mining plc Tel: +353 (0)46 9073623
Fraser Gardiner, Director,
Ormonde Mining plc Tel: +353 (0)86 3931178
Simon Rothschild / Nicola Biles / Keith Irons
Bankside Consultants Tel: +44 (0)20 7367 8888
ENDS
BACKGROUND INFORMATION
The La Zarza Gold-Copper Project is located in the Iberian Pyrite Belt mining
district of southwest Spain. Historically mined for pyrite by open pit and
underground, unexploited gold and copper mineralization was drilled in the 1990s
by a BRGM-Normandy joint venture (SEIEMSA), which outlined a non-JORC resource
estimate of 950,000 ounces of gold, 9.5 million ounces of silver and 81,000
tonnes of copper. In June 2004, Ormonde signed an agreement with the property
owner whereby Ormonde can acquire a minimum 70 per cent interest in the La Zarza
concessions by spending €1.8 million over three years.
Ormonde Mining is quoted on the AIM in London and the IEX in Dublin. The
Company's strategy is to enhance shareholder value by developing gold projects
in Spain and taking them into production. Ormonde has a strong local Spanish
management team, supported by a Board with extensive mine development and
exploration experience.
For more information and contact details including email, please visit
www.ormondemining.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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