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Looking at today's trades, there have been 14 Automatic Trades for amounts between 704 and 738 shares. Is someone quietly building up a holding? It certainly seems unusual . . . . . . . . . . any comments?

La Zarza Aside from tungsten, Ormonde has a Joint Venture Agreement with Antofagasta, the international copper miner, for the development of its La Zarza ground holdings in the Huelva Province of southern Spain. After an initial $1 million exploration commitment which delineated a non-JORC resource of 61 million tonnes at an overall grade of 1.34% copper equivalent, Antofagasta elected to continue to fund further work on the project in September 2010. Antofagasta will spend a further $7 million to earn a 51% share of the project, with the option to increase its stake to 75%. The contained copper in this resource at close to 500kt is significantly greater than the previous JORC compliant resource that contains around 120kt albeit at higher grade. Given that the previous resource only covered 0.5 kilometres of a potential 3 kilometre structure, there appears to be scope for delineating economic grades that could support a significant operation. Indeed, Antofagasta would not be involved if it were otherwise. Salamanca & Zamora Gold Exploration Ormonde also holds the exploration rights to 350 square kilometres in western Spain, where a recent geological report suggests the potential for significant gold resources. Drilling targets have been prioritised and it is anticipated that drilling will commence shortly at Bollo, "where a small open pit tungsten mine was developed in the 1970s and where previous grab sampling on the old dumps returned average gold grades of 8.3g/t from 30 samples". Ormonde has also negotiated a partnership agreement with Aurum Mining , which can earn a 60% interest in two permits in the Zamora Province and a 54% interest in a further two permits in the Salamanca Province by spending €500,000 on exploration activities over an 18 month period. Valuation & Recommendation The main investment case for Ormonde is the huge potential of the Barruecopardo tungsten deposit, which could prove itself a highly attractive asset as the supply outlook for the metal becomes increasingly tenuous and prices continue to rise. I also believe that the firm's copper and gold assets could yield considerable upside, not yet reflected in the share price. At La Zarza, Ormonde effectively has a free ride on what could prove to be a significant copper project, whilst securing joint venture agreements for its gold assets should help realise value at minimal cost to the company. Underpinning all this is a benign operating environment in Spain, which is generally a very good place for miners to do business. At 10.125p a speculative buy.

Ormonde Mining (ORM) a speculative buy at 10.125p Says James Faulkner of WatsHot.com First tipped on WatsHot back in September last year, Ormonde Mining (ORM) has since seen its shares soar by over 60%. But with rising demand for tungsten, of which Ormonde has a large potential supply, and copper and gold interests to add into the mix, James believes this miner could have much further to go. On WatsHot.com, James provides two hot new tips like this each month, as well as regular updates and a daily column. Although past performance is no guarantee of future success, and some tips have gone down in value, the average gain per tip as at 31st December 2010 across the 23 stocks tipped last year on WatsHot.com was 73.28%. To get more top tips like this from James, including a brand new one tomorrow, join WatsHot.com now. The case for Tungsten Tungsten is a metal with unique properties making it an essential component in many industrial applications. The metal's most important use is as tungsten carbide in hardmetals, used mainly for industrial drilling and cutting tools. Secondary uses are in electronics and specialist steels. As with so many other important minerals these days, the supply-demand profile is overshadowed by the fact that China now accounts for over 75% of world tungsten mine production, while supply in the West is very limited. This precarious situation is highlighted by the fact that the USA, Europe and Japan consume around 55% of world tungsten, but produce only around 5%. Meanwhile, Chinese domestic demand has increased, and China has moved from a net exporter to net importer of tungsten concentrates. This increase in Chinese demand, combined with increased controls by the Chinese Government on their domestic tungsten industry and tungsten exports, has led to an increase in the tungsten price of more than 500% since 2004 to the current price of around $368-372 per mtu (metric tonne unit) of APT (APT, or ammonium paratungstate, is the main secondary downstream product made from concentrates and the usual proxy for quoting tungsten prices). Barruecopardo In light of all this, Ormonde's 90%-owned Barruecopardo Tungsten Project in western Spain could be of real strategic significance to European future supply. Barruecopardo is one of the highest grade, lowest capital cost undeveloped tungsten projects, with the expansion potential to become one of the Western World's largest producers. Barruecopardo has a current reported mineral resource (JORC compliant) totalling 10.9 million tonnes grading 0.45% tungsten trioxide, equating to 4.9 million mtus or 49,000 tonnes of contained tungston trioxide. Of the total resource, 6.5 million tonnes grading 0.46% tungsten trioxide is in the Indicated Mineral Resource category. However, the deposit is open along strike and at depth, so there is potential for the size of the resource to grow over time. Based on a recent report from independent consultants Scott Wilson, B

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