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Almonty Announces the Third Payment Under the Valtreixal Project Option and Ownership of a 25% Interest in the Project
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About this update from Almonty Industries Inc.
[{"type":"text","content":"\n\nNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES \n\n\n\nTORONTO, Jan. 5, 2015 /CNW/ - Almonty Industries Inc. (\"Almonty\" or the \"Company\") (TSX-V: AII) today announced that it has made the third installment payment of €300,000 on the Valtreixal tin-tungsten project located in north western Spain (instalment payments to date total €700,000).  Almonty now owns a 25% interest in the Valtreixal project and has an option to acquire the remaining 75% ownership interest through €1,700,000 in additional installment payments over the next 18 months. \n\nAlmonty filed a National Instrument 43-101 Technical Report for the Valtreixal tin-tungsten project on October 24, 2014.  Further review and analysis of ongoing work carried out on the project since that time has enabled Almonty to gain a more detailed understanding of the project's potential.  The Company believes that the project warrants continued development and anticipates that the 2015 exploration campaign, which is scheduled to be completed in the spring of 2015, will support this position. \n\nLewis Black, Chief Executive Officer of Almonty commented, \"We are committed to furthering our understanding of the Valtreixal project and believe Valtreixal is the best tungsten project to be found on the Iberian peninsula in the past thirty years.  We expect to be well positioned to proceed to the permitting/construction stage upon completion of the 2015 exploration campaign.\" \n\nAbout Almonty \n\nThe principal business of Toronto, Canada based Almonty Industries Inc. (TSX-V: AII) is the mining, processing and shipping of tungsten concentrate from its Los Santos Mine in western Spain and its Wolfram Camp Mine in north Queensland, Australia. The Los Santos Mine was acquired by Almonty in September 2011 and is located approximately 50 kilometres from Salamanca in western Spain and produces tungsten concentrate. The Wolfram Camp Mine was acquired by Almonty in September 2014 and is located approximately 110 km west of Cairns in northern Queensland, Australia and produces tungsten and molybdenum concentrate. Almonty also has an option to acquire a 100% ownership interest in the Valtreixal tin-tungsten project in north western Spain. Management and certain members of Almonty's Board of Directors led th...