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Antofagasta-Ormonde La Zarza Joint Venture Update
Antofagasta-Ormonde La Zarza Joint Venture Update.
About this update from Ormonde Mining Plc
[{"type":"text","content":"\n \nRNS Number : 3259M Ormonde Mining PLC 15 August 2011 \n \n\n15 August 2011\n \nOrmonde Mining plc\n(\"Ormonde\" or \"the Company\")\n \nAntofagasta-Ormonde La Zarza Joint Venture\nNew Permits Awarded - Major Work Programmes Commenced\n \nThe Board of Ormonde is pleased to report that its wholly-owned subsidiary Ormonde España SL (\"OESL\") has now been awarded four new investigation permits along strike from its La Zarza Copper Project in the Huelva Province of southern Spain. These permits have been included in the joint venture with Antofagasta Minerals SA (\"Antofagasta\") and detailed work programmes will now be extended into these new areas.\n \n \nMain Points\n \n· The four new permits cover a total area of some 95 square kilometres along strike to the east and west of the known mineral resources at La Zarza.\n· Work programmes for 2011 agreed by the joint venture include a close line spaced airborne \nelectromagnetic (VTEM) survey, a gravity survey and a provision for some 3,000 metres of diamond drilling on any targets identified.\n· The agreed budget for the programme of US$1.3 million will be funded by Antofagasta under the terms of the joint venture agreement.\n· Exploration activities have commenced and shareholders will be updated over the coming months.\n \n \nKerr Anderson, Ormonde's Managing Director, said:\n \n\"The new permits are a significant addition to our ground holdings in the La Zarza Copper Project area and we are now moving forward with an aggressive exploration programme, funded by our Joint Venture partner Antofagasta, which will, I believe, identify any significant massive sulphides at reasonable depths in these new areas. I look forward to reporting on progress on the joint venture activities as these exciting programmes progress and results become available\".\n \n \nBackground\nIn October 2009, Ormonde entered into a joint venture agreement with Antofagasta to explore for additional copper resources on the La Zarza Copper-Gold Project, whereby Antofagasta could earn an initial 51% interest in the La Zarza permit area by spending US$7 million over a three year period on exploration activities. Under the terms of ...