Business
Progress Continues on Exploration Licences
Progress Continues on Exploration Licences.
About this update from Ormonde Mining Plc
[{"type":"text","content":"\n Ormonde Mining PLC\n3 February 2000\n\n ORMONDE MINING PLC ('Ormonde') \n\n\nOrmonde is continuing to make progress on its exploration licences in\nTanzania, many of which are held in joint venture with other companies. In\nOctober 1998, Ormonde entered into a joint venture, which gave Ormonde the\nright to earn a 50% interest in the Mgusu licences. The results of\nexploration to date, while encouraging, and which established an inferred\nresource estimate of 271,000 ounces of gold, have not lived up to\nexpectations. In the Annual Report published in December 1999, it was\nindicated that further drilling was planned but the Directors have now decided\nnot to spend any further monies on the Mgusu licences and, accordingly, these\ninterests have lapsed.\n\nThe Annual Report also indicated that the Directors expect to be in a position\nto raise new funds and enter into transactions, which should lead to step up\nin the Company's activities. The Directors are continuing with these efforts\nto raise funds and remain optimistic of a successful outcome.\n ","length":1111,"tagName":"div"}]