Business
Tungsten Progress
Tungsten Progress.
About this update from Ormonde Mining Plc
[{"type":"text","content":"\n RNS Number : 9941V Ormonde Mining PLC 11 November 2010 \n \n\n11 November 2010\n \nOrmonde Mining plc\n(\"Ormonde\" or \"the Company\")\n \nProgress on Barruecopardo Tungsten Project\n \nThe Board of Ormonde is pleased to report ongoing progress on its Barruecopardo Tungsten Project in Salamanca, Spain, following the Technical and Economic Review and Optimisation Study (\"the Study\") carried out by Scott Wilson Mining (\"Scott Wilson\") and reported in mid-September.\n \n \nMain Points\n \n· Drilling in progress to include upgrading of relevant parts of the Inferred Resource to Indicated status and facilitate a definitive open pit design.\n· Environmental studies, a key component of the supporting documentation required for permitting at Barruecopardo, now well advanced.\n· Work is underway on the definitive technical-economic evaluation programmes required to advance the project through to the engineering design stage. \n \n \nKerr Anderson, Ormonde's Managing Director, said:\n \n\"The resumption of drilling and the progress on both permitting works and the technical-economic evaluation programmes form important steps in our timetable to deliver initial production at Barruecopardo by late 2012. \nTungsten prices continue to strengthen due to further supply shortages, with the European APT price now quoted as US$280-286 per metric tonne unit (mtu), a rise of almost 30% in the past six months. These are very exciting times for the Company and we look forward to reporting progress and developments at Barruecopardo over the coming months.\"\n \nFollowing a review of the open pit optimisation completed by Scott Wilson in September, drilling resumed at Barruecopardo in October with an infill programme designed to reduce the drill spacing and upgrade relevant parts of the open-pittable portion of the Inferred Mineral Resources to Indicated status. Initial holes are being drilled on the southern part of the deposit, progressively moving north, and results will be reported as appropriate as the programme proceeds. This drilling programme is scheduled to be completed in February next year.\nThe Base Case open pit optimisation study was carried out only on the Indicated portion of the cur...