Almonty Announces the Following Filings: the Los Santos Mine NI 43-101 Technical Report; the Wolfram Camp Mine NI 43-101 Technical Report; and the Valtreixal Project NI 43-101 Technical Report All Dated Oct. 31, 2015
November 19, 2015 (Source: Business Wire) — Including the recently acquired Sangdong tungsten mine in Korea, Almonty has a combined proven and probable mineral reserve base of 12,406,289 tonnes at an average WO3 equivalent grade of 0.41%, measured and indicated mineral resources (inclusive of reserves) of 14,860,000 tonnes at an average WO3 grade of 0.45% and inferred resources of 53,976,000 tonnes at an average WO3 equivalent grade of 0.32%
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Almonty Industries Inc. (“Almonty” or the “Company”) (TSX-V:AII) today announced the filing of National Instrument 43-101 Technical Reports for each of: the Los Santos Mine, a tungsten mine located in Western Spain; the Wolfram Camp Mine, a tungsten mine located in Queensland, Australia; and the Valtreixal Project, a tin tungsten development project located in North Western Spain.
“We believe the updated NI 43-101 Technical Reports demonstrate the consistent expansion of Almonty’s tungsten reserves and resources over the previously filed reports, once again demonstrating the Company’s ability to increase the life-of-mine at each of its projects and enhance our understanding of the ultimate potential of each project – longevity in the mine life, increased reserve base and increased contained tungsten at each project through additional exploration activity. Combined with the inferred resources at our recently acquired Sangdong Mine in South Korea, we believe Almonty has a resource profile that rivals any tungsten mining company in the world,” stated Lewis Black, Chief Executive Officer of Almonty. Mr. Black continued, “We are also in the process of updating the Feasibility study for the Sangdong project and including additional drill data that was excluded from the June 1, 2015 study. We anticipate being in a position to publish this update within the next 45 days and anticipate that it will show material improvement over the June 1, 2015 report.”
The three Technical Reports being filed today were prepared by Adam Wheeler, an independent mining consultant. Mr. Wheeler is an independent Qualified Person for the purposes of National Instrument 43-101 and has prepared and/or approved the scientific and technical disclosure contained in this news release.
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About Almonty Industries Inc.
The principal business of Toronto, Canada-based Almonty Industries Inc. is the mining, processing and shipping of tungsten concentrate from its Los Santos Mine in western Spain and its Wolfram Camp Mine in north Queensland, Australia and the development of the Sangdong tungsten mine in Gangwon Province, Korea and the Valtreixal tin/tungsten project in north western Spain. The Los Santos Mine was acquired by Almonty in September 2011 and is located approximately 50 kilometres from Salamanca in western Spain and produces tungsten concentrate. The Wolfram Camp Mine was acquired by Almonty in September 2014 and is located approximately 130 kilometres west of Cairns in northern Queensland, Australia and produces tungsten and molybdenum concentrate. The Sangdong mine, which was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China, was acquired in September 2015 through the acquisition of a 100% interest in Woulfe Mining Corp. Almonty also has an option to acquire a 100% ownership interest in the Valtreixal tin-tungsten project in northwestern Spain. Further information about Almonty’s activities may be found at www.almonty.com and under Almonty’s profile at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. This press release contains forward-looking statements and information including combining these companies. These statements and information are based on management’s beliefs, estimates and opinions on the date that statements are made and reflect Almonty’s current expectations.
Forward-looking statements in this news release include, but are not limited to, statements regarding the preparation and filing of an updated technical report and feasibility study for the Sangdong Tungsten Project, Republic of Korea and material improvements anticipated therein. The forward-looking statements and information in this press release include expectations and information relating to the intentions of management. Such statements and information reflect the current view of Almonty with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors and assumptions which may cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Investors are cautioned against attributing undue certainty to forward-looking statements. When relying on Almonty’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.
Almonty has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE ALMONTY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
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