2 Mar 2011 07:00
02 March 2011
Ormonde Mining plc
("Ormonde" or "the Company")
Barruecopardo Drilling Progress
The Board of Ormonde is pleased to report the first results from the current infill drilling programme at its flagship Tungsten project in Barruecopardo and progress on the project permitting process.
Fifteen holes of the current programme have so far been drilled. Assay results from the initial three holes on the southern extreme of the deposit, where all current resources are in the "Inferred" category, have been received and are reported below.
Main Points
·; All three holes encountered tungsten mineralisation with expected widths and grades in line with previously reported wider spaced holes in the narrower southern extreme of the deposit where these holes are located.
·; Results include 6 metres grading 0.5% WO3 (tungsten trioxide), 3 metres grading 0.8% WO3 and 2 metres grading 2.0% WO3.
·; A total of fifteen holes have been drilled to-date in this programme and drilling continues. Further assay results from this drilling will be released on a 4-5 week basis over the coming months.
·; Preparation of further documentation in the permitting process is progressing in close liaison with our Spanish consultants.
Kerr Anderson, Ormonde's Managing Director, said:
"The drilling is progressing well with these initial results from the narrow southern extent of the deposit in line with our expectations.
Following submission in January of initial permitting documentation and the application for a mining concession, our focus at Barruecopardo in the coming months is on advancing the required technical works and the permitting process for a Mining Concession. I look forward to reporting on-going progress on both fronts.
Tungsten prices have continued to rise due to on-going supply shortages with the European tungsten APT price now quoted as US$368-372 per metric tonne unit (mtu), a rise of almost 50% in the past six months."
New Drilling Results
Hole | From (m) | Width (m) | True Width (m) | WO3% |
BAR-57 | 59.0 | 1.0 | 0.7 | 1.21 |
BAR-58 | 79.0 | 2.0 | 1.4 | 2.04 |
89.0 | 1.0 | 0.7 | 0.91 | |
109.0 | 3.0 | 2.1 | 0.81 | |
BAR-59 | 38.0 | 6.0 | 4.2 | 0.49 |
Notes to table:
Sampling, Assaying and Quality Control Measures
All core has been routinely logged by an experienced geologist. Relevant core intervals were split in half by diamond saw, with half being sent for assay and the other half being retained in the core boxes for reference.
Sample preparation and analyses were performed at ALS Chemex (Spain). Assays are reported using the fusion XRF method. Reference samples (blanks, duplicates and certified standards) are routinely included in each sample batch as quality control measures. In addition check assays are performed on selected mineralised samples.
Kerr Anderson PhD EurGeolPGeo, Managing Director of Ormonde Mining plc, and a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, June 2009, 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/en/investors/technical_glossary.
For more information please visit www.ormondemining.com.
Enquiries to:
Ormonde Mining plc
Kerr Anderson, Managing 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 / ESM Adviser)
Fergal Meegan / 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 quoted on the AIM in London & the ESM 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 initially produce ~8% of non-Chinese global mine production from 2012.
The La Zarza Copper-Gold Project - Joint Venture with Antofagasta Minerals - a large "massive sulphide" deposit with significant copper, gold and zinc resources; exploration for an enlargement to the copper resource is being funded by Antofagasta.
Gold Explorationin several highly prospective areas of western Spain.