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United Kingdom

Ormonde Mining Plc is an AIM & ESM listed mineral resource company which is developing mining projects and carrying out exploration in Spain.
Ormonde’s key activities:
The Barruecopardo Tungsten Project – Ormonde (as Manager), together with its partner Oaktree Capital Management (30%:70% respective interests), is currently developing this world class tungsten project. Once in full production the project will deliver ~12% of current non-Chinese world tungsten concentrate supply; operations to be expanded post start-up to become a major long-life mine.
Gold exploration in several highly prospective areas of western Spain.
La Zarza Copper-Gold Project – “Massive sulphide” style deposit with significant associated copper, gold and zinc resources


http://ormondemining.com
 

Ormonde Mining plc Final Results for the year ended 31 December 2016
 
DUBLIN & LONDON: 20 June 2017 - Ormonde Mining plc announces its final results for the year ended 31 December 2016.
 
HIGHLIGHTS FOR THE YEAR AND POST YEAR END
 
·    Revised construction schedule for the Project agreed between the Project partners, which sees commissioning of a world class tungsten mine in Q3 2018, and aligns first production with independent forecasts of improving tungsten prices
·    Completion of compulsory land acquisition process resulting in access to and use of all lands required to enable the development of the Barruecopardo Tungsten Project (the "Project")
·    Approvals of equipment and plant construction contracts, thus advancing the Project into an accelerated construction and implementation phase
·    Amendments to the Project's debt facility to take account of the revised construction schedule
·    Ormonde's current managing director, Steve Nicol, to step down at the upcoming AGM to focus fully on development and  operations at the Project
·    Successful drilling programme completed which supports the current resource interpretation and demonstrates the potential to extend beyond the nine-year mine life at Barruecopardo through the development of a "Stage 2" underground mine at the Project
 
Mike Donoghue, Ormonde's Chairman, commented:
 
"Having revised the Barruecopardo Project schedule during 2016 with the aim of ensuring that the Project comes online into a strengthening tungsten price environment, the Project partners decided in June 2017 to provide the required approvals to enable the Project progress at full speed towards commissioning of a new mine at Barruecopardo during the third quarter of 2018. This exciting development comes after the successful completion, during 2016, of a process whereby all of the lands required to develop the Project were secured, and is set against a backdrop of rising tungsten prices and increasing demand for tungsten concentrates.
 
"We very much look forward to the coming year, as the Barruecopardo Project is developed to become an essential secure new producer of tungsten concentrates to a market in much need of new sources of primary supply."
 
 
Enquiries to:
 
Ormonde Mining plc
Steve Nicol, Managing Director Tel: +353 (0)1 8014184
 
Capital M Consultants
Simon Rothschild Mob: +44 (0)7703 167065
 
Murray Consultants
Mark Brennock  Tel: +353 (0)1 4980300 Mob: +353 (0)87 2335923
 
Davy Corporate Finance (Nomad / ESM Adviser, Joint Broker and Financial Adviser)
John Frain Tel: +353 (0)1 679 6363
 
SP Angel Corporate Finance LLP (Joint Broker)
Ewan Leggat Tel: +44 (0)20 3 470 0470


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