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Almonty announces the restatement of tungsten recovery rates for the year ended September 30, 2013 with no impact on prior financial results
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About this update from Almonty Industries Inc.
[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE\n UNITED STATES/ \n\n\n/NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN,\n INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A\n VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION/ \n\n\nInitially reported tungsten recovery rate for the year ended September\n 30, 2013 of 62.0% revised to 55.2%\n\n\nTORONTO, Jan. 31, 2014 /CNW/ - Almonty Industries Inc. (\"Almonty\" or the \"Company\") (TSX-V: AII) today announced the restatement of its tungsten recovery\n rate for the year ended September 30, 2013 and for the three month\n interim periods ended June 30, 2013 and March 31, 2013, due to a faulty\n calibration of the Company's on-site lab that occurred in March 2013. \n Almonty had calibrated its lab equipment according to the results it\n received from assay work carried out by two large, global independent\n third party laboratories.  The faulty calibration was discovered by\n Almonty after an extensive review of all assay work carried out by the\n Company and the external assay laboratories from March 2013 up to the\n end of December 2013.  The Company and the third party assay\n laboratories determined that the error occurred as a result of faulty\n assay work produced by the external laboratories that was used to\n calibrate Almonty's internal laboratory in March 2013.  This error\n affected the Company's assay work carried out on the feed grade to the\n plant as well as the tailings grade exiting the plant, leading to a\n miscalculation of the Company's tungsten recovery rate for the period. \n No other assay results were affected (blast assays, exploration assays\n etc. were unaffected).   The Company has rectified the problem and has\n recalibrated its internal laboratory after consultation with five\n additional third party assay laboratories that were involved in its\n extensive review of its assay work.\n\n\nThe Company has begun to retune its mineral processing circuit based on\n the now corrected tungsten feed grades and anticipates it will return\n to its previously achieved base-line targeted tungsten recovery rate of\n 65% (achieved in the months of December 2012, January 2013 and February\n 2013 prior to the faulty calibration of its internal laboratory).   Th...