Update on Spanish Operations
13 February 2012
Ormonde Mining plc
("Ormonde" or "the Company")
Update on Spanish Operations
The Board of Ormonde is pleased to provide an update on progress on its various projects in Spain.
BARRUECOPARDO TUNGSTEN PROJECT
The Definitive Feasibility Study ("DFS") for the Barruecopardo tungsten project is now substantially complete with all the constituent components having been received from the relevant consultants. These inputs are being reviewed and collated into the final DFS document. The DFS will be completed and its results announced by late February, allowing the Company to advance its on-going discussions with the various parties interested in funding the project.
LA ZARZA COPPER PROJECT
The 3,000 metre drilling programme, fully funded by our Joint Venture partner Antofagasta Minerals SA, commenced in January on specific drill targets identified following modelling and interpretation of the gravity and airborne VTEM (electromagnetic) geophysical survey results received in Q4 2011. Several targets will be tested by drilling, with a priority on those where the geology is interpreted to be similar to that for the existing La Zarza deposit.
SALAMANCA & ZAMORA GOLD PROJECTS
Drilling is on-going on the El Facho gold structure, where our Joint Venture with Aurum Mining Plc is focused on testing and expanding this structure. This follows very encouraging initial drilling results reported in Q4 2011 showing gold of mineable grades and widths in both of the first holes drilled by the Joint Venture on the structure. Core samples from the first holes in the current drilling programme have been forwarded for assay.
Kerr Anderson, Ormonde's Managing Director, said:
"Having now received all the components of the DFS for the Barruecopardo tungsten project, final collation is underway and I look forward to reporting the results by late February. This will be a key milestone in the Company's plans to become a major European producer of tungsten concentrates. With aggressive drilling programmes underway on our copper and gold assets, I also anticipate being in a position to report developments on these fronts over the coming months."
A glossary explaining technical terms contained in this announcement can be found at www.ormondemining.com/en/investors/technical_glossary.
For more information please visit www.ormondemining.com or follow Ormonde on Twitter https://twitter.com/ormondemining or Linkedin http://www.linkedin.com/company/ormonde-mining-plc
Enquiries to:
Ormonde Mining plc
Kerr Anderson, Managing Director Tel: +353 (0)46 9073623
Bankside Consultants
Simon Rothschild Tel: +44 (0)20 7367 8888 Mob: +44 (0)7703 167065
Murray Consultants
Ed Micheau Tel: +353 (0)1 4980300 Mob: +353 (0)86 803 7155
Davy (Nomad / ESM Adviser)
Eugenée Mulhern / 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 admitted to trading on the AIM market in London and the ESM market 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 produce ~12% of non-Chinese annual global mine production from mid 2013.
The La Zarza Copper Project - a large "massive sulphide" deposit with significant copper resources; exploration for an enlargement to the current copper resource is being funded through a joint venture with Antofagasta Minerals.
Gold Explorationin several highly prospective areas of western Spain.
This information is provided by RNS
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