Business
Acquisition
Acquisition.
About this update from Ormonde Mining Plc
[{"type":"text","content":"\n \nRNS Number : 1798E Ormonde Mining PLC 04 April 2011 \n\n04 April 2011\n \nOrmonde Mining plc\n(\"Ormonde\" or \"the Company\")\n \nConsolidation of 100% Interest in the Barruecopardo Tungsten Project\n \nThe Board of Ormonde is pleased to report that its wholly-owned subsidiary Saloro SLU (\"Saloro\") has acquired the 10% interest in the Barruecopardo Tungsten Project held by its joint venture partner SIEMCALSA (The Society of Mining Investigation and Exploitation of Castilla y León, SA), thereby consolidating a 100% interest in Barruecopardo. The acquisition also includes SIEMCALSA's 10% interest in the surrounding tungsten and gold exploration portfolio.\n \n \nMain Points\n \n· Saloro has acquired SIEMCALSA's 10% interest in the Barruecopardo Tungsten Project and surrounding tungsten and gold exploration ground Saloro has thereby consolidated a 100% interest in Barruecopardo.\n· The cash consideration is payable in several staged amounts, €0.1 million payable on signing, €0.9 million payable in two tranches over the next 18 months, with the balance of €1.8 million payable in 3 tranches out of the first three years production from a mining operation at Barruecopardo making a total of €2.8 million.\n· SIEMCALSA will continue to work on a consultancy basis with Saloro as the Project develops. \n \nKerr Anderson, Ormonde's Managing Director, said:\n \n\"We are delighted to have consolidated a 100% interest in Barruecopardo at a time when we are progressing towards tungsten production in late 2012. The Company has appreciated greatly working with SIEMCALSA, as its partner since 2005, to bring the project to its current stage. I look forward to their continued involvement on a consultancy basis into the future.\nHaving a 100% interest will also provide the Company with flexibility in discussions with relevant parties with regards to options for funding of the capital development stage of this strategic tungsten asset\". \n \n \nPermit Details\nSaloro is acquiring SIEMCALSA's 10% interest in the Saloro-SIEMCALSA Joint Venture pertaining to six Investigation Permits covering a total area of 272 square kilometres in the Salamanca Province of Spain which include the Barruecopardo Tungste...