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Historical Estimate (Non-NI 43-101 compliant) of 8.65 million tonnes at
0.23% grade of Sn+WO3 (0.10% SN + WO3 cut-off )
TORONTO, March 22, 2013 /CNW/ - Almonty Industries Inc. ("Almonty" or
the "Company") (TSXV: AII) today announced it has entered into an
option agreement to acquire a 51% interest in, and be the project
operator of, the Valtreixal Sn-WO3 project in North Western Spain (approximately 250km from its Los Santos
tungsten project) for total consideration of Euro 1.4 million. Almonty
is required to make a Euro 100,000 payment on June 1, 2013 with the
balance of funds due over the remaining 24 months should Almonty decide
to continue with the project. Almonty also has the option to acquire
the remaining 49% interest in the project for an additional Euro 2.0
million at the end of the 24 month period.
A historical estimate for the Valtreixal property of 8.65 million tonnes
of mineralization at a grade of 0.23% Sn+WO3 (0.10% Sn + WO3 cut-off) was prepared on the basis of the applicable mineral resource
standards in Spain and is not in accordance with applicable standards
under National Instrument 43-101 ("NI 43-101"). The historical estimate is based on preliminary exploration work
carried out by Sociedad De Investigacion Y Exploracion Minera De
Castilla Leon S.A. ("SIEMCALSA") from 2007 to date and includes the
analysis of 884 samples taken from 22 trenches comprising 2,740 metres
of trench work; 206 samples from 6 drill holes over 1,227 metres; and
180 samples taken from 28 galleries covering 1,072 metres. The bulk
samples, comprised of 410 kg of material, were analyzed by Wardell
Armstrong International Laboratories on behalf of SIEMCALSA. Almonty
has reviewed the data on which the historical estimate is based and
believes that the data is relevant and can be relied upon. Almonty
intends to carry out additional exploration activities on the project
with a view to aggregating sufficient data to complete a NI 43-101
resource estimate during the 24 month option period.
An independent qualified person for the purposes of NI 43-101 has not
done sufficient work to classify the historical estimate as a current
mineral resource and Almonty is not treating the historical estimate as
a current mineral resource.
"We are very pleased to have successfully acquired an option on the
Valtreixal Project and believe that the potential of the project could
rival that of our flagship Los Santos Project. The Valtreixal Project
is in a region we are very familiar with, Spain, and is near major
infrastructure (paved highways, grid electricity, water access, etc.)
and a large pool of skilled labour. Almonty believes that its
experience optimizing the Los Santos Project will enable it accelerate
the development at Valtreixal" commented Lewis Black, CEO of Almonty. "SIEMCALSA are a well-respected group with a proven track record of
cultivating early stage development projects in the region, including
Almonty's Los Santos Project and the Barruecopardo Project owned by
Ormond Mining Plc." continued Mr. Black. "We are excited about the opportunity to add a
second project to Almonty's portfolio and believe that there is
significant potential for Almonty to expand the historical estimate at
Valtreixal through additional exploration activities."
The historical estimates that form the basis for this press release were
prepared by SIEMCALSA. Additional information regarding SIEMCALSA can
be found on the Company's website: http://www.siemcalsa.com
The principal business of Toronto, Canada based Almonty Industries Inc.
(TSX-V: AII) is the mining, processing and shipping of tungsten
concentrate from its tungsten mine at the Los Santos Project. The Los
Santos Project was acquired by Almonty in September 2011. The mine was
originally opened in 2008 and commissioned in July 2010 by its former
owner. The Los Santos Project is located approximately 50 kilometres
from Salamanca in western Spain and produces tungsten concentrate.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
This press release contains forward-looking statements and information
that are based on the beliefs of management and reflect Almonty's
current expectations. 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.
The forward-looking statements and information in this press release
include 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 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.
Forward-looking statements are made based on management's beliefs,
estimates and opinions on the date that statements are made and Almonty
undertakes no obligation to update forward-looking statements if these
beliefs, estimates and opinions or other circumstances should change.
Investors are cautioned against attributing undue certainty to
forward-looking statements. Almonty cautions that the foregoing list of
material factors is not exhaustive. 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
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
SOURCE: Almonty Industries Inc.
For further information:
Dennis Logan, Director & Chief Financial Officer
Telephone: (647) 478-5308