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%
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN
THE UNITED STATES
TORONTO -- (Business Wire)
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.
The Technical Reports were filed on SEDAR (www.sedar.com)
under Almonty’s company profile and will also be available on the
Company's website at www.almonty.com.
“We believethe 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.”
Summary of the Technical Reports as filed:
|
|
Los Santos June 30, 2015
|
|
Wolfram Camp August 31, 2015
|
| |
Tonnes
|
|
Avg Grade
|
|
Contained WO3 | |
Tonnes
|
|
Avg Grade
|
|
Contained WO3 |
Reserves | | | |
WO3 | |
Tonnes
|
|
MTU
| | | | | |
Tonnes
|
|
MTU
|
Proven & Probable
| |
1,465,000
| |
0.34%
| |
4,951
| |
495,100
| |
375,000
| |
0.22%
| |
825
| |
82,500
|
Mineralized Tailings
| |
2,062,000
| |
0.15%
| |
3,191
| |
319,100
| |
0
| |
0.00%
| |
0
| |
0
|
Stockpiles
| |
55,289
| |
0.33%
| |
183
|
|
18,300
| |
0
| |
0.00%
| |
0
|
|
0
|
Total
| |
3,582,289
| |
0.23%
| |
8,325
| |
832,500
| |
375,000
| |
0.22%
| |
825
| |
82,500
|
| | | | | | | | | | | | | | | |
|
Resources ( inclusive of reserves) | | | | | | | | | | | | | | |
Measured
| |
75,000
| |
0.41%
| |
304
| |
30,400
| |
0
| |
0.00%
| |
0
| |
0
|
Indicated
| |
2,133,000
| |
0.28%
| |
6,012
|
|
601,200
| |
514,000
| |
0.23%
| |
1,182
|
|
118,220
|
Total
| |
2,208,000
| |
0.29%
| |
6,316
| |
631,600
| |
514,000
| |
0.23%
| |
1,182
| |
118,220
|
| | | | | | | | | | | | | | | |
|
Inferred Mineral resources | | | | | | | | | | | | | | | | |
Inferred
| |
1,878,000
| |
0.25%
| |
4,663
| |
466,300
| |
1,879,000
| |
0.31%
| |
5,825
| |
582,490
|
| | | | | | | | | | | | | | | |
|
Cut-off
| | | | | | | | | | | | | | | | |
Reserves
| |
0.07% WO3 | | | | | | | |
0.08% WO3 | | | | | | |
Resources
| |
0.05% WO3 | | | | | | | |
0.10% WO3 | | | | | | |
Inferred Resources
| |
0.05% WO3 | | | | | | | |
0.10% WO3 | | | | | | |
|
|
Valtreixal October 31, 2015
| |
Sangdong June 1, 2015
|
| |
Tonnes
|
|
Avg Grade (WO3 +Sn)
|
|
Contained WO3 equivalent |
Tonnes
|
|
Avg Grade
|
|
Contained WO3 |
Reserves | | | |
Equivalent
| |
Tonnes
|
|
MTU
| | | |
WO3 | |
Tonnes
|
|
MTU
|
Proven & Probable
| |
2,549,000
| |
0.34%
| |
8,667
| |
866,660
| |
5,900,000
| |
0.57%
| |
33,630
| |
3,363,000
|
Mineralized Tailings
| |
0
| |
0.00%
| |
0
| |
0
| |
0
| |
0.00%
| |
0
| |
0
|
Stockpiles
| |
0
| |
0.00%
| |
0
|
|
0
| |
0
| |
0.00%
| |
0
|
|
0
|
Total
| |
2,549,000
| |
0.00%
| |
8,667
| |
866,660
| |
5,900,000
| |
0.57%
| |
33,630
| |
3,363,000
|
| | | | | | | | | | | | | | | |
|
Resources ( inclusive of reserves) | | | | | | | | | | | | | | |
Measured
| |
0
| |
0.00%
| |
0
| |
0
| |
0
| |
0.00%
| |
0
| |
0
|
Indicated
| |
2,828,000
| |
0.34%
| |
9,615
|
|
961,520
| |
9,310,000
| |
0.53%
| |
49,343
|
|
4,934,300
|
Total
| |
2,828,000
| |
0.34%
| |
9,615
| |
961,520
| |
9,310,000
| |
0.53%
| |
49,343
| |
4,934,300
|
| | | | | | | | | | | | | | | |
|
Inferred Mineral resources | | | | | | | | | | | | | | | | |
Inferred
| |
15,419,000
| |
0.17%
| |
26,212
| |
2,621,230
| |
34,800,000
| |
0.39%
| |
135,720
| |
13,572,000
|
| | | | | | | | | | | | | | | |
|
Cut-off
| | | | | | | | | | | | | | | | |
Reserves
| |
0.08% WO3 | | | | | | | |
0.275% WO3 | | | | | | |
Resources
| |
0.05% WO3 | | | | | | | |
0.15% WO3 | | | | | | |
Inferred Resources
| |
0.05% WO3 | | | | | | | |
0.15% WO3 | | | | | | |
| | | | | | | | | | | | | | | |
|
WO3 Equivalent = WO3 + (Sn x 0.74), based on
| | | | | | | | | | | | |
| |
Price
|
|
Recovery
| | | | | | | | | | | | |
WO3 | |
USD$37,000/t
| |
55%
| | | | | | | | | | | | |
Sn
| |
USD$23,150/t
| |
65%
| | | | | | | | | | | | |
Almonty owns 25% of Valtreixal and has an irrevocable option to
acquire the remaining 75%
| | | | |
|
|
Almonty Consolidated
| |
| |
Tonnes
|
|
Avg Grade (WO3 +Sn)
|
|
Contained WO3 equivalent | |
| | | |
|
|
| |
Reserves | | | |
Equivalent
| |
Tonnes
| |
MTU
| |
Proven & Probable
| |
10,289,000
| |
0.47%
| |
48,073
| |
4,807,260
| |
Mineralized Tailings
| |
2,062,000
| |
0.15%
| |
3,191
| |
319,100
| |
Stockpiles
| |
55,289
| |
0.33%
| |
183
|
|
18,300
| |
Total
| |
12,406,289
| |
0.41%
| |
51,447
| |
5,144,660
| |
| | | | | | | | |
|
Resources ( inclusive of reserves) | | | | | | | |
Measured
| |
75,000
| |
0.41%
| |
304
| |
30,400
| |
Indicated
| |
14,785,000
| |
0.45%
| |
66,152
|
|
6,615,240
| |
Total
| |
14,860,000
| |
0.45%
| |
66,456
| |
6,645,640
| |
| | | | | | | | |
|
Inferred Mineral resources | | | | | | | | | |
Inferred
| |
53,976,000
| |
0.32%
| |
172,420
| |
17,242,020
| |
Qualified Person
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.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151119006582/en/
Contacts:
Almonty
Lewis Black, 647-438-9766
President and CEO
Source: Almonty Industries Inc.
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