News

Ormonde hits 52 week high on resource upgrade

17 June 2008 09:35:00

An independent report has trebled the mineral resource estimate for the Barruecopardo Tungsten Project, owned by Irish mining company Ormonde Mining.

The new mineral resource estimate for the project, located in Salamanca, Spain, is for 3m tonnes, grading 0.6% tungsten trioxide (WO3), versus the previous estimate of 1m tonnes at 0.7% (WO3).

This equates to 1.8m metric tonne units, or 18,000 tonnes, of contained WO3, compared with the January 2008 estimate of 7,000 tonnes of WO3.

The increase in the size of the estimate brings into play the possibility of increasing the scope of the project, the company said.

"This new mineral resource estimate has considerably exceeded our near term target and demonstrates the increasingly substantial scale of the Barruecopardo deposit," said Kerr Anderson, managing director or Ormonde. "The enlarged resource contains an in-ground metal value of over $30m at current metal prices, with the resource open in all directions," Anderson added.

The company's shares hit a 52 week high on the announcement.

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