Business
Almonty Announces Option to Acquire a 51% Interest in Valtreixal Tin-tungsten Project in Spain for Euro1.4 Million Plus Option to Acquire Balance After 24 Months for Euro 2.0 Million
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About this update from Almonty Industries Inc.
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE\n UNITED STATES/ \n\n\nHistorical Estimate (Non-NI 43-101 compliant) of 8.65 million tonnes at\n 0.23% grade of Sn+WO3 (0.10% SN + WO3 cut-off )\n\n\nTORONTO, March 22, 2013 /CNW/ - Almonty Industries Inc. (\"Almonty\" or\n the \"Company\") (TSXV: AII) today announced it has entered into an\n option agreement to acquire a 51% interest in, and be the project\n operator of, the Valtreixal Sn-WO3 project in North Western Spain (approximately 250km from its Los Santos\n tungsten project) for total consideration of Euro 1.4 million.  Almonty\n is required to make a Euro 100,000 payment on June 1, 2013 with the\n balance of funds due over the remaining 24 months should Almonty decide\n to continue with the project.  Almonty also has the option to acquire\n the remaining 49% interest in the project for an additional Euro 2.0\n million at the end of the 24 month period.\n\n\nA historical estimate for the Valtreixal property of 8.65 million tonnes\n of mineralization at a grade of 0.23% Sn+WO3 (0.10% Sn + WO3 cut-off) was prepared on the basis of the applicable mineral resource\n standards in Spain and is not in accordance with applicable standards\n under National Instrument 43-101 (\"NI 43-101\").  The historical estimate is based on preliminary exploration work\n carried out by Sociedad De Investigacion Y Exploracion Minera De\n Castilla Leon S.A. (\"SIEMCALSA\") from 2007 to date and includes the\n analysis of 884 samples taken from 22 trenches comprising 2,740 metres\n of trench work; 206 samples from 6 drill holes over 1,227 metres; and\n 180 samples taken from 28 galleries covering 1,072 metres.  The bulk\n samples, comprised of 410 kg of material, were analyzed by Wardell\n Armstrong International Laboratories on behalf of SIEMCALSA.  Almonty\n has reviewed the data on which the historical estimate is based and\n believes that the data is relevant and can be relied upon.  Almonty\n intends to carry out additional exploration activities on the project\n with a view to aggregating sufficient data to complete a NI 43-101\n resource estimate during the 24 month option period.\n\n\nAn independent qualified person for the purposes of NI 43-101 has not\n done sufficient work to classify the historical estimate as a current\n...