16 May 2013 - The Board of Ormonde Mining plc
("Ormonde" or "the Company") reports that, further to the announcement on 22 February 2013 regarding an Option Agreement ("the Agreement") with Spanish company Nueva Tharsis SA ("Nueva Tharsis") relating to the potential divestment of the Company's interest in the La Zarza Copper Project ("La Zarza"), the Option period ended on 15 May 2013 and the Option has not been exercised. Notwithstanding this, Nueva Tharsis has advised the Company that negotiations with interested third parties continue and that a transaction may still complete. Ormonde will provide an update following a conclusion to these discussions.
Under the terms of the Agreement entered into between the parties, Ormonde's wholly-owned subsidiary Ormonde España (which holds Ormonde's interest in La Zarza) agreed to collaborate with Nueva Tharsis in the planned disposal of the entire mining assets and interests of Nueva Tharsis to a third party. In this regard, Ormonde agreed to contribute the entire share capital of Ormonde España to this package for a total consideration of €5 million.
Ormonde Mining plc
Kerr Anderson, Managing Director
Tel: +353 (0)1 8253570
Tel: +44 (0)20 7367 8888, Mob: +44 (0)7703 167065
Tel: +353 (0)1 4980300, Mob: +353 (0)86 803 7155
Davy (Nomad / ESM Adviser)
Eugenée Mulhern / Roland French
Tel: +353 (0)1 6796363
Ormonde Mining plc
is admitted to trading on the AIM market in London & the ESM market in Dublin. Ormonde is a mineral development and exploration company focused on Spain (Ticker: ORM).
Barruecopardo Tungsten - Ormonde is developing a low cost mining operation at Barruecopardo to become a major, secure European supply of tungsten.
Gold Exploration in several highly prospective areas of western Spain which includes its joint venture agreement with Aurum Mining plc (AIM: AUR), where Ormonde currently has a 40% interest in the Pino de Oro project in the Zamora Province and a 46% interest in the Peralonso and Cabeza projects in Salamanca Province of western Spain. Ormonde is Manager of the Joint Venture.
La Zarza Copper – polymetallic massive sulphide deposit in the prolific Iberian Pyrite Belt of southern Spain.