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TORONTO, Sept. 28, 2011 /CNW/ - Almonty Industries Inc. ("Almonty")
(TSXV: AII) is pleased to announce the commencement of trading of its
common shares on the TSX Venture Exchange under the ticker symbol
In connection with its recently completed Qualifying Transaction,
Almonty is also pleased to announce that it has entered into a new
multi-year off-take agreement to supply tungsten concentrate.
Management of Almonty intends to pursue a strategy for the Los Santos
Project which they previously utilized at their Panasqueira Project on
behalf of Primary Metals Inc., a company formerly listed on the TSX
Venture Exchange under ticker symbol "PMI.V" and purchased by Sojitz
Corporation in 2008.
The principal business of Almonty is the advancement of the exploration,
development and production activities at the Los Santos Project. The
Los Santos Project is a tungsten mine located about 50 kilometres from
Salamanca, in western Spain. The mine has been in production since
2008 and produces tungsten product which is currently sold under an
off-take agreement. In 2010 the mine had an annual output of
approximately 225,000 tonnes of ore (at 0.25% WO3). Tungsten is a unique metal due to its high temperature properties
and exceptionally high density, and has widespread use as metal in
alloys, steels and chemicals.
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 FORWARDLOOKING 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 and Chief Financial Officer
Telephone: (647) 280-7052