Business
Update on Potential Acquisition
Update on Potential Acquisition.
About this update from Ormonde Mining Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6171L\n Ormonde Mining PLC\n 14 January 2021\n \n \n \n \n This announcement contains inside information\n \n \n \n \n \n 14 January 2021\n \n \n \n \n \n Ormonde Mining plc\n \n \n (\"Ormonde\" or \"the Company\")\n \n \n \n \n \n Ormonde looks to acquire African high grade copper projects\n \n \n \n \n \n Ormonde notes recent increased trading and volume in the Company's shares together with volatility in the Company's share price and is pleased to provide an update and further information on its previously announced potential acquisition.\n \n \n \n \n \n On 16 September 2020, the Company announced that it had entered into an exclusivity agreement in relation to this potential acquisition, and since that time the Company has been advancing negotiations, diligence and legal structuring of the transaction. Very significant progress has been made in these areas. However, progress to completion has been slowed somewhat resulting from the impact of the pandemic and ongoing discussions with the Company's largest shareholder.\n \n \n \n \n \n On completion of this transaction, which remains subject to the finalisation of certain terms, conditions and legal agreements, Ormonde will acquire, or have the rights to acquire up to an 80% interest in two exploitation licenses (\"Licenses\") covering multiple high grade copper and polymetallic development and exploration projects in a highly prospective and underexplored district in the Republic of the Congo (\"ROC\", also known as Congo-Brazzaville).\n \n \n \n \n \n The Licenses include:\n \n \n · \n a copper-lead-zinc deposit that has been, until recently, subject to small-scale underground mining:\n \n \n o \n recovering direct shipping ore (\"DSO\") grade material (previous operator DSO grades of 6% copper, 23% lead and 25% zinc reported - see Note 1);\n \n \n o \n public domain drilling results including 11.9% copper, 29.6% lead, 19.4% zinc and 159.2 g/t silver from 8.55 metres downhole depth (see Note 2); \n \n \n · \n a copper-silver deposit with mineralisation over a 1.2 kilometre strike length with significant high grade resource potential indicated by previous operator work including a public domain JORC (Note 4) Exploration Target of 15 to 20 million tonnes grading 3% to 5% copper (s...