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Almonty Industries Inc
Symbol AII
Shares Issued 183,464,470
Close 2020-03-12 C$ 0.345
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Almonty says Sangdong mine is coronavirus-free

2020-03-13 13:38 ET - News Release

Mr. Lewis Black reports


In response to numerous queries and expressions of concern from investors and shareholders, Almonty Industries Inc. has provided the up-to-date status and development at its wholly owned Sangdong mine, located in South Korea, with regard to the recent evolvement and spreading of the coronavirus (COVID-19).

Lately, the COVID-19 situation in Korea has shown clear signs of stabilization, with decreasing numbers of new daily infections down to hundreds in several days in a row. The Korea Centers for Disease Control and Prevention (KCDC) announced on March 13, 2020, that it detected 110 new cases a day earlier, bringing the nation's number of total infections to 7,979. Encouragingly, the number of fully recovered COVID-19 patients exceeded that of daily new infections on March 12, 2020, for the first time since Korea reported its first infection in January, 2020.

The improvement is attributed to the South Korean government's active diagnostic checks that have contributed to discovering infections at an early stage and over all the group of potential risks.

Up until today, no infection case was reported in Yeongwol county, where the Sangdong mine is located. Out of 17 provinces and metropolitan cities in Korea, Gangwon province, where Yeongwol county is located, has posted only 29 cases of infections, making it a relatively safe and clean area when compared with the nationwide toll of 7,979.

Since the outbreak of COVID-19 in Korea, the Sangdong mine, in close collaboration with the community health centre, has implemented stringent policies and measures of disinfection and prevention for the health of employees and the community people. The mine is still on high alert by continuing its policies of no physical contact with visitors, replacement of face-to-face meetings with on-line conferences, putting on masks all the time at work, three-times-a-day disinfection and sterilization, and voluntary self-containment at home in the case of any symptoms.

Almonty's chairman, president and chief executive officer, Lewis Black, commented: "We truly appreciate the concern and care expressed and delivered to us by our investors, shareholders, customers and other related parties, and we are relieved and pleased to let everyone know that our Sangdong mine remains intact and relatively safe from the COVID-19 situation in Korea.

"Daily activities in Sangdong and the planned preparation for the mine development and plant construction, such as advancing engineering works and operating the pilot plant ahead of the execution of the senior project finance loan from the KfW IPEX-Bank, are ongoing as scheduled, with no influence from COVID-19. We expect to receive loan documents before the end of business today for the company's review."

About Almonty Industries Inc.

The principal business of Toronto-based Almonty Industries is the mining, processing and shipping of tungsten concentrate from its Los Santos mine in western Spain and its Panasqueira mine in Portugal, as well as the development of its Sangdong tungsten mine in Gangwon province, South Korea, and the development of the Valtreixal tin/tungsten project in northwestern Spain.

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