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12 Jan 2009 07:00
12th January 2009
Ormonde Mining plc
Drilling Results Facilitate Doubling of Proposed Production Rate at BarruecopardoÂ
DUBLIN & LONDON: 12 January 2009 - Ormonde Mining plc ("Ormonde" or "the Company") is pleased to report excellent results from the last seven holes of its current infill drilling programme at its Barruecopardo Tungsten Project in Salamanca, Spain ("the Project"). These results indicate that the deposit could sustain a much higher production rate than initially proposed for the Project and have led to the decision to adopt a 400,000 tonnes per year ("tpy") production rate (previously 200,000 tpy) for the completion of technical studies on the Project. These higher throughput levels should lead to greater returns on a future mining investment.
Kerr Anderson, Managing Director, said:
"The infill drilling on the Filon Principal Zone has been extremely successful and has returned impressive tungsten results. The consistency and grades have exceeded our expectations and will enhance the Project in terms of the increased production rate, the applicability of bulk underground mining methods and the flexibility to mine at different tungsten grades."Â
Ormonde, through its wholly owned Spanish subsidiary Saloro S.L., holds a 90% interest in the Barruecopardo Tungsten Project. Ormonde aims to benefit from the robust project economics, extensive resource upside potential and the low development capital cost requirements to become a leading low cost Western producer of tungsten in the near term.
New Drilling Results
|
Hole |
From (m) |
Width (m) |
True Width (m) |
WO3% |
WO3%Â (cut)* |
Zone |
|
BAR-49 |
173.0 |
19.0 |
13.5 |
0.45 |
0.29 |
FP |
|
including |
11.0 |
7.8 |
0.68 |
0.41 |
||
|
BAR-50 |
158.0 |
53.0 |
35.5 |
0.38 |
0.38 |
FP |
|
including |
158.0 |
11.0 |
7.4 |
0.46 |
0.46 |
|
|
including |
3.0 |
2.0 |
1.26 |
1.26 |
||
|
and |
175.0 |
12.0 |
8.0 |
0.72 |
0.72 |
|
|
including |
4.0 |
2.7 |
1.78 |
1.78 |
||
|
and |
197.0 |
14.0 |
9.4 |
0.43 |
0.43 |
|
|
including |
7.0 |
4.7 |
0.61 |
0.61 |
||
|
BAR-51 |
95.0 |
1.0 |
0.7 |
0.23 |
0.23 |
FP |
|
BAR-52 |
122.0 |
63.0 |
53.3 |
0.18 |
0.18 |
FP |
|
including |
122.0 |
12.0 |
10.1 |
0.24 |
0.24 |
|
|
including |
5.0 |
4.2 |
0.40 |
0.40 |
||
|
and |
144.0 |
10.0 |
8.4 |
0.36 |
0.36 |
|
|
and |
170.0 |
15.0 |
12.7 |
0.28 |
0.28 |
|
|
including |
10.0 |
8.4 |
0.34 |
0.34 |
||
|
BAR-53 |
53.0 |
11.0 |
8.4 |
0.15 |
0.15 |
FP |
|
including |
61.0 |
3.0 |
2.3 |
0.52 |
0.52 |
|
|
BAR-54 |
93.0 |
33.0 |
27.5 |
1.20 |
0.70 |
FP, F1, F2 |
|
including |
82.0 |
3.0 |
2.5 |
1.52 |
1.52 |
FP |
|
and |
102.0 |
9.0 |
7.5 |
0.66 |
0.66 |
F1 |
|
and |
119.0 |
7.0 |
5.8 |
4.08 |
1.73 |
F2 |
|
BAR-55 |
110.0 |
36.0 |
21.2 |
0.55 |
0.45 |
FP |
|
including |
126.0 |
20.0 |
11.8 |
0.85 |
0.68 |
Notes to table:
FP = Filon Principal Zone
F1, F2Â =Â Footwall Zones as yet unclassified
* = using a top cut of 3.0%Â
Notes on assay method:
Assays are reported using the fusion XRF method.
Kerr Anderson PhD EurGeol PGeo, Managing Director of Ormonde Mining plc, and a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, March 2006, of the London Stock Exchange, has reviewed and approved the technical information contained in this announcement.
A glossary explaining technical terms contained in this announcement can be found at www.ormondemining.com/invest/glossary.html.
Enquiries to:
Ormonde Mining plc
Kerr Anderson, Managing Director,
Fraser Gardiner, Director
Tel: +353 (0)46 9073623
Bankside Consultants
Simon Rothschild / Louise Mason Tel: +44 (0)20 7367 8888 Mob: +44 (0)7703 167065
Davy (Nomad / IEX Adviser)
Fergal Meegan Tel: +353 (0)1 6796363
Brewin Dolphin (UKÂ Adviser)
Alexander Dewar Tel: +44 (0)131 529 0276
ENDS
About Tungsten
Tungsten is most frequently used as tungsten monocarbide, which has a hardness close to diamond, in cemented carbides. The principal tungsten applications include its use in cutting steels and in tungsten alloys, electronics, and chemical products.
Prices of tungsten concentrates are expected to remain buoyant for the long term. More information can be found on Ormonde's tungsten information page at http://www.ormondemining.com/about-tungsten/index.html.Â
About Ormonde
Ormonde Mining plc is quoted on the AIM in London and the IEX in Dublin. Ormonde is a mineral development and exploration company focused on Spain, with the objective of developing mining projects and taking them into production.
For more information please visit www.ormondemining.com.
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