Business
Awards Granted
Awards Granted.
About this update from Ormonde Mining Plc
[{"type":"text","content":"\n Ormonde Mining PLC\n08 December 2005\n\n Ormonde Mining plc\n\n Ormonde Awarded Grants By Spanish Authorities\n\nDUBLIN & LONDON: 08 December 2005 - Ormonde Mining plc (\"Ormonde\" or \"the\nCompany\") reports that its wholly-owned Spanish subsidiary has been awarded\ngrants totalling €320,000 from the Ministry of Industry, Tourism and Trade in\nSpain, in respect of investigation activities carried out in 2005.\n\nGrants have been awarded as follows:\n\nLa Zarza Gold-Copper Project - €145,000\n\nTracia Gold Project - €175,000\n\n\n\nKerr Anderson, Managing Director, said today,\n\n\"As well as the obvious financial benefits of receiving these grants, we are\nhighly encouraged by this level of support for Ormonde's activities given by the\nSpanish authorities.\"\n\n\nGrants are awarded on the basis of forecasted expenditure on a project for the\ncurrent year, and are subject to the satisfactory completion of a technical\naudit and review of actual project expenditures by the granting authority. The\ngrant awarded to La Zarza is non-refundable and represents 20 per cent of the\nbudgeted expenditure for 2005. The grant for Tracia, which represents a higher\npercentage (56 per cent) of forecasted expenditure, is repayable on favourable\nterms should activities over a period of investigation be positive. Should\nOrmonde cease activities at Tracia, title to the permit would be transferred to\nthe authorities in lieu of repayment of any grants.\n\n\nEnquiries to:\n\nKerr Anderson, Managing Director,\n\nOrmonde Mining plc\n\nTel: +353 (0)46 9073623\n\nFraser Gardiner, Director,\n\nOrmonde Mining plc\n\nTel: +353 (0)86 3931178\n\nSimon Rothschild,\n\nBankside Consultants\n\nTel: +44 (0)20 7367 8871 or Mobile: +44 (0)7703 167065\n\nBACKGROUND INFORMATION\n\nOrmonde Mining is quoted on the AIM and IEX markets in London and Dublin,\nrespectively. The Company is focused on acquiring and developing gold projects\nin Spain where it has a strong local Spanish management team, supported by a\nBoard with extensive exploration expertise in the region and mine development\nexperience.\n\nFor more information and contact details including email, please visit\nwww.ormondemining.com.\n\n\n8 December, 2005\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n ","length":2347,"tagName":"div"}]