Business
La Zarza Update
La Zarza Update.
About this update from Ormonde Mining Plc
[{"type":"text","content":"\n \nRNS Number : 8259E Ormonde Mining PLC 16 May 2013 \n\n16 May 2013\nOrmonde Mining plc\n(\"Ormonde\" or \"the Company\")\n \nLa Zarza Update\n \nThe Board of Ormonde Mining plc (\"Ormonde\" or \"the Company\") reports that, further to the announcement on 22 February 2013 regarding an Option Agreement (\"the Agreement\") with Spanish company Nueva Tharsis SA (\"Nueva Tharsis\") relating to the potential divestment of the Company's interest in the La Zarza Copper Project (\"La Zarza\"), the Option period ended on 15 May 2013 and the Option has not been exercised. Notwithstanding this, Nueva Tharsis has advised the Company that negotiations with interested third parties continue and that a transaction may still complete. Ormonde will provide an update following a conclusion to these discussions. \n \nUnder the terms of the Agreement entered into between the parties, Ormonde's wholly-owned subsidiary Ormonde España (which holds Ormonde's interest in La Zarza) agreed to collaborate with Nueva Tharsis in the planned disposal of the entire mining assets and interests of Nueva Tharsis to a third party. In this regard, Ormonde agreed to contribute the entire share capital of Ormonde España to this package for a total consideration of €5 million. \n \n \n \nEnquiries to:\n \nOrmonde Mining plc\nKerr Anderson, Managing Director Tel: +353 (0)1 8253570\n \nBankside Consultants\nSimon Rothschild Tel: +44 (0)20 7367 8888 Mob: +44 (0)7703 167065\n \nMurray Consultants\nEd Micheau Tel: +353 (0)1 4980300 Mob: +353 (0)86 803 7155\n \nDavy (Nomad / ESM Adviser)\nEugenée Mulhern / Roland French Tel: +353 (0)1 6796363\n \n \nENDS\n \n \nAbout Ormonde\nOrmonde Mining Plc is admitted to trading on the AIM market in London & the ESM market in Dublin. Ormonde is a mineral development and exploration company focused on Spain (Ticker: ORM).\n \n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCSFEFMIFDSEFI\n ","length":3785,"tagName":"div"}]