28 Nov 2017 07:00
28 November 2017
Ormonde Mining plc
("Ormonde" or "the Company")
Barruecopardo Tungsten Mine, Spain
Construction Update
The Board of Ormonde is pleased to provide an update on construction activities at the Barruecopardo Tungsten Mine in Salamanca, Spain ("Barruecopardo" or "the Project"), where the Project is well into its construction period, with Project commissioning scheduled to commence in Q3 2018.
Key developments include:
· Civil works for the crush and screen plant commenced in October - mass concrete footings poured and reinforcement installation in progress;
· Main Water Dam and Return Water Dam construction earthworks recently completed; under- drainage works are nearing completion, and dam liners are being manufactured;
· Mining of waste from the open pit area for run-of-mine (ROM) pad fill material has commenced;
· First Process Plant equipment delivered to site - shipments ongoing;
· Some 100 people are now working on the Project, including 32 from Barruecopardo and surrounding communities;
· Views of recent construction activity can be seen on Ormonde's website, including an updated drone overflight video (http://ormondemining.com/barruecopardo-drone-fly/);
· After the significant price increases seen in Q3 2017, APT prices have consolidated around the $285-295/mtu level.
Michael Donoghue, Ormonde's Interim Managing Director, commented:
"We are very pleased with the progress of construction work at the Barruecopardo Mine site, with activities continuing to gather momentum. Some 100 people are now working on the Project, and there have been a number of significant advances seen during the latest quarter.
The major earth moving phase relating to the construction of water storage and collection dams is now materially complete. Groundworks are well underway in the areas of the process plant and crush and screen circuit, with the delivery to site of related plant equipment items in progress, ahead of plant erection and installation scheduled for the early part of 2018."
About Ormonde
Ormonde has a 30% interest in the Barruecopardo Tungsten Mine, located in northwest Spain. Barruecopardo is a fully permitted and fully funded mining project currently being developed through a US$99.7 million funding package agreed with Oaktree Capital Management (70% interest) in 2015.
For more information, visit www.ormondemining.com.
Details:
Civil Works
Civil works contractor Copisa mobilised to site in October and its activities to date have been focussed on the groundworks and foundations in the primary, secondary and tertiary crushing and screening areas. These works are being prioritised so as to ensure completion in time for Metso to commence construction of the turnkey Crush and Screen Circuit commencing February 2018. Following the completion of these civil works, the focus will move to the area of the Process Plant.
Dams
The water dam earthworks have been ongoing since July 2017, when the dam contractor, Cerezo, mobilised to site. Weather conditions on site have been favourable with little rain encountered. These works have proceeded as planned, with the Main Water Dam and Return Water Dam A construction earthworks now being complete and with Collection Dam B works ongoing. Following installation of under-drainage, these dams will be lined with a waterproof membrane, commencing late in December and continuing into Q1 2018.
ROM Pad
Waste rock mining has commenced from the new open pit area to provide the required material to build up the ROM ("run-of-mine") pad, the location to which ore will be delivered from the open pit mine prior to being fed through the crushing plant.
Process Plant Equipment
Priority 1 and Priority 2 equipment items required for the Process Plant have been in the process of manufacture for several months, with some items now complete and despatched to site and other items nearing completion. Shipment of Priority 1 and 2 equipment items will continue over the coming months, with the last items expected to arrive on site by the end February 2018.
Enquiries to:
Ormonde Mining plc Tel: +353 (0)1 8014184
Paul Carroll, Chief Financial Officer
Fraser Gardiner, Chief Operating Officer
Capital M Consultants
Simon Rothschild Mob: +44 (0)7703 167065
Murray Consultants
Mark Brennock Tel: +353 (0)1 4980300 Mob: +353 (0)87 2335923
Davy (Nomad, ESM Adviser and Joint Broker)
John Frain Tel: +353 (0)1 679 6363
SP Angel Corporate Finance LLP (Joint Broker)
Ewan Leggat Tel: +44 (0)20 3 470 0470