Business
Tungsten Project Update
Tungsten Project Update.
About this update from Ormonde Mining Plc
[{"type":"text","content":"\n Ormonde Mining PLC\n09 October 2006\n\n09 October 2006\n\n\n\n Ormonde Mining plc\n\n Update on Barruecopardo Tungsten Tailings Project\n\nDUBLIN & LONDON: 09 October 2006 - Ormonde Mining plc (\"Ormonde\" or \"the Company\n\") reports on its Barruecopardo Tungsten Tailings Project (\"the Project\")\nlocated in the Salamanca area, Western Spain. The Company is currently\nevaluating the viability of a low-cost operation processing tungsten-bearing\nmaterial contained in dumps and tailings produced from the Barruecopardo\ntungsten mine.\n\nHighlights\n\n • Sampling results are in line with expectations and Ormonde has exercised\n its Option over the Project\n\n • Results indicate higher tungsten grades (0.1% WO3) in the western part of\n the Project, with a higher proportion of fine material amenable to direct\n spiral concentration\n\n • Gravity separation testwork will determine the amount of tungsten\n recovered by low-cost spiral processing, the quality of the concentrate\n produced, and indicative revenues for the Project\n\n • Drilling intersects tungsten mineralization in the Northern Extension to\n the historically mined vein system\n\n\nKerr Anderson, Managing Director, said today,\n\n\"This Project offers the possibility for a low cost, profitable, near-term\nsource of cashflow to the Company. We are encouraged by the results of the\nsampling programme and the continuing historically high price of tungsten. The\ndrilling of the Northern Extension indicates potential in addition to the\ntailings project, which we will be following up on in due course.\"\n\nOption Exercised\n\nIn February 2006 Ormonde entered into an option agreement (\"the Option\") to\nacquire 100 per cent of the mineral rights pertaining to tungsten and gold at\nthe Project. The Company reports that sampling results to-date are in line with\nexpectations and it has exercised the Option.\n\nEvaluation Programme - Sampling Results\n\nThe tungsten-bearing material at the Project is divided into two broad types:\nTailings (predominantly fine-grained material in the western part), and Dumps\n(predominantly coarse-grained material in the eastern part).\n\nOrmonde has taken representative samples from both groups of material. Sampling\nwas carried out using both drilling and trenching. A total of 51 sites were\nsampled giving a representative sa...