Business
Almonty Industries Inc. announces completion of the optimization of milling operations at Los Santos and the granting of stock options
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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\nTORONTO, May 29, 2013 /CNW/ - Almonty Industries Inc. (\"Almonty\") (TSXV:\n AII) is pleased to announce that it has completed the optimization\n project of the milling operations at its wholly owned Los Santos\n Project.  The final pieces of tungsten recovery equipment installed\n during the first two weeks of May 2013 were commissioned on May 27,\n 2013. \n\n\nThe Company is also pleased to announce the granting of stock options to\n a member of the board of directors of Almonty, Bruce Ratner, who was\n granted 100,000 options upon joining the board of directors.  Almonty\n does not currently pay cash fees to directors and the options granted\n to Mr. Ratner are in lieu of cash compensation.  Shareholders of\n Almonty elected Mr. Ratner to the board of directors at the Company's\n Annual General Meeting held on March 26, 2013. The options are being\n granted pursuant to the stock option plan of Almonty with each option\n permitting the holder to purchase one common share of Almonty at a\n price of $1.07 for a period of 10 years from today's date. The options\n vest immediately.\n\n\nLewis Black, Chief Executive Officer of Almonty commented, \"We are\n excited about the commissioning of the final phase of our optimization\n plan and anticipate it will enable Almonty to further enhance tungsten\n recovery rates and reduce production costs over the life-of-mine at the\n Los Santos Project.  We look forward to updating investors on the\n impact the improvements are having on our operations when we report Q3\n 2013 results in August.\"\n\n\nAbout Almonty\n\n\nThe principal business of Toronto, Canada based Almonty Industries Inc.\n (TSX-V: AII) is the mining, processing and shipping of tungsten\n concentrate from its tungsten mine at the Los Santos Project.  The Los\n Santos Project was acquired by Almonty in September 2011.  The mine was\n originally opened in 2008 and commissioned in July 2010 by its former\n owner.  The Los Santos Project is located approximately 50 kilometres\n from Salamanca in western Spain and produces tungsten concentrate.\n\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as\n that term is defined in the policies of the TSX Venture Exchange)\n acce...