31 Jan 2014 14:45
31 January 2014
Ormonde Mining plc
("Ormonde" or "the Company")
Response to Announcement
The Board of Ormonde notes today's announcement by Almonty Industries Inc ("Almonty") that it will not proceed with an offer for the Company.
Chairman, Mike Donoghue said: "The Directors of Ormonde have been consistent and unanimous in their view that the unsolicited approach from Almonty and its proposed share for share exchange was opportunistic, without strategic or economic merit for Ormonde shareholders and that it provided no basis for engagement in light of Ormonde's ongoing focus on advancing the Group's flagship Barruecopardo Tungsten Project. In addition, one of the concerns we had regarding the operational performance of Almonty's Los Santos mine has been highlighted in an announcement released today by Almonty concerning a re-statement downward of its tungsten recovery rate for the year ended 30 September 2013.
Released from the restrictions of the offer period, we will continue our focus on advancing Barruecopardo to production and we look forward to providing further updates to shareholders in this context in due course."
Enquiries to:
Ormonde Mining plc
Kerr Anderson, Managing Director Tel: +353 (0)1 8253570
Davy (Nomad / ESM Adviser and Financial Adviser to Ormonde)
Eugenée Mulhern / Roland French Tel: +353 (0)1 6796363
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
The Directors of Ormonde accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.
ENDS