Ormonde Mining PLC Response to Announcement (0318Z)
January 31 2014 - 9:45AM
UK Regulatory
TIDMORM
RNS Number : 0318Z
Ormonde Mining PLC
31 January 2014
31 January 2014
Ormonde Mining plc
("Ormonde" or "the Company")
Response to Announcement
The Board of Ormonde notes today's announcement by Almonty
Industries Inc ("Almonty") that it will not proceed with an offer
for the Company.
Chairman, Mike Donoghue said: "The Directors of Ormonde have
been consistent and unanimous in their view that the unsolicited
approach from Almonty and its proposed share for share exchange was
opportunistic, without strategic or economic merit for Ormonde
shareholders and that it provided no basis for engagement in light
of Ormonde's ongoing focus on advancing the Group's flagship
Barruecopardo Tungsten Project. In addition, one of the concerns we
had regarding the operational performance of Almonty's Los Santos
mine has been highlighted in an announcement released today by
Almonty concerning a re-statement downward of its tungsten recovery
rate for the year ended 30 September 2013.
Released from the restrictions of the offer period, we will
continue our focus on advancing Barruecopardo to production and we
look forward to providing further updates to shareholders in this
context in due course."
Enquiries to:
Ormonde Mining plc
Kerr Anderson, Managing Director Tel: +353 (0)1 8253570
Davy (Nomad / ESM Adviser and Financial Adviser to Ormonde)
Eugenée Mulhern / Roland French Tel: +353 (0)1 6796363
Bankside Consultants
Simon Rothschild Tel: +44 (0)20 7367 8888 Mob: +44 (0)7703 167065
Murray Consultants
Ed Micheau Tel: +353 (0)1 4980300 Mob: +353 (0)86 803 7155
The Directors of Ormonde accept responsibility for the
information contained in this announcement. To the best of their
knowledge and belief (having taken all reasonable care to ensure
such is the case), the information contained in this announcement
is in accordance with the facts and does not omit anything likely
to affect the import of such information.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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