Ormonde Mining PLC
27 November 2007
27 November 2007
Ormonde Mining plc
Placing by Davy and Brewin Dolphin of 16 Million New Ordinary Shares of €0.025
each at 10p (€0.14) per Ordinary Share
DUBLIN & LONDON: 27 November 2007 - Ormonde Mining plc ("Ormonde" or "the
Company") announces that it has placed 16 million new ordinary shares of €0.025
each in the Company with institutional and other investors at a price of 10p
(€0.14) per share (the "Placing") to raise £1.6 million (before expenses).
The proceeds of the Placing will be utilised by the Company for the following:
• Barruecopardo Tungsten Project - continue drilling to delineate
additional mineralized zones as identified in recent drilling and prepare an
initial resource estimate, commence definitive metallurgical testwork programmes
to define the optimum processing flowsheet, and carry out initial evaluation
studies;
• Pino de Oro Gold Prospect - commence second stage drilling programme
following up on initial high-grade drilling results, to enable initial resource
estimation; and
• Sierro Gold Prospect - initiate follow-up drilling on the first hole,
which has returned gold over an extensive interval in a new sheeted vein system,
which may indicate a bulk tonnage gold target; further geochemical sampling will
also be carried out in the Sierro area as this has been highly successful in
identifying new gold targets in the Salamanca area.
The new ordinary shares will rank pari passu in all respects with the existing
ordinary shares in the Company. Application will be made for the new ordinary
shares to be admitted to trading on the AIM market of the London Stock Exchange
and the IEX market of the Irish Stock Exchange and it is expected that trading
will commence on 30 November 2007.
For further information:
Kerr Anderson, Managing Director
Ormonde Mining plc Tel: +353 (0)46 9073623
Simon Rothschild
Bankside Consultants Tel: +44 (0)20 7367 8871
Fergal Meegan
Davy Tel: +353 1 679 6363
Ken Fleming
Brewin Dolphin Investment Banking Tel: +44 141 314 8115
Additional Information
Ormonde Mining plc is quoted on the AIM in London and the IEX in Dublin. Ormonde
is a mineral development and exploration company focused on Spain, with the
objective of developing mining projects and taking them into production.
Ormonde's main projects are the La Zarza Copper-Gold-Zinc Project in southern
Spain where a Bankable Feasibility Study is being carried out by leading
international engineering firms and the Barruecopardo high-grade tungsten
deposit in the Salamanca area where a continuous programme of in-fill and
step-out drilling is now underway with a view to fast-tracking the evaluation of
this project.
The Company's other current activities include successful gold exploration at
the Pino de Oro Prospect (Zamora) and Sierro Prospect (Salamanca).
For more information please visit www.ormondemining.com.
This information is provided by RNS
The company news service from the London Stock Exchange