Almonty Announces the Filing of an Updated NI 43-101 Technical Report for the Sangdong Tungsten Mine Dated December 31, 2015
Almonty Industries Inc. (“Almonty” or the “Company”) (TSX-V: AII) today announced the filing of an updated National Instrument 43-101 Technical Report for the Sangdong tungsten mine in Gangwon Province, South Korea.
The Technical Report was filed on SEDAR (www.sedar.com) under Almonty’s company profile and will also be available on the Company's website at www.almonty.com.
“We believe the updated NI 43-101 Technical Report for the Sangdong mine demonstrates the consistent expansion of Almonty’s understanding of the vast resource potential of the Sangdong mine. We have spent significant time and energy reworking the mine plan capital expenditure program as evidenced by the work done to date on the updated technical report. We are in the process of completing an updated feasibility study for the Sangdong mine project based on the updated technical report that materially improves upon the June 1, 2015 report. The combined reserve and resource base across all of our tungsten projects gives Almonty a resource profile that rivals any tungsten mining company in the world,” stated Lewis Black, Chief Executive Officer of Almonty.
Summary of Almonty’s Technical Reports by project as filed (or to be filed in the case of Panasqueira):
| Almonty Industries Inc. | |||||||||||
| Reserve and Resource Update | |||||||||||
| Dated as indicated | |||||||||||
| Los Santos June 30, 2015 | |||||||||||
| Tonnes | Avg Grade | Contained WO3 | |||||||||
| Reserves | WO3 | Tonnes | MTU | ||||||||
| Proven & Probable | 1,465,000 | 0.34% | 4,951 | 495,100 | |||||||
| Mineralized Tailings | 2,062,000 | 0.15% | 3,191 | 319,100 | |||||||
| Stockpiles | 55,289 | 0.33% | 183 | 18,300 | |||||||
| Total | 3,582,289 | 0.23% | 8,325 | 832,500 | |||||||
| Resources ( inclusive of | |||||||||||
| Measured | 75,000 | 0.41% | 304 | 30,400 | |||||||
| Indicated | 2,133,000 | 0.28% | 6,012 | 601,200 | |||||||
| Total | 2,208,000 | 0.29% | 6,316 | 631,600 | |||||||
| Inferred Mineral resources | |||||||||||
| Inferred | 1,878,000 | 0.25% | 4,663 | 466,300 | |||||||
| Cut-off | |||||||||||
| Reserves | 0.07% WO3 | ||||||||||
| Resources | 0.05% WO3 | ||||||||||
| Inferred Resources | 0.05% WO3 | ||||||||||
| Wolfram Camp August 31, 2015 | |||||||||||
| Tonnes | Avg Grade | Contained WO3 | |||||||||
| Reserves | Tonnes | MTU | |||||||||
| Proven & Probable | 375,000 | 0.22% | 825 | 82,500 | |||||||
| Mineralized Tailings | 0 | 0.00% | 0 | 0 | |||||||
| Stockpiles | 0 | 0.00% | 0 | 0 | |||||||
| Total | 375,000 | 0.22% | 825 | 82,500 | |||||||
| Resources ( inclusive of | |||||||||||
| Measured | 0 | 0.00% | 0 | 0 | |||||||
| Indicated | 514,000 | 0.23% | 1,182 | 118,220 | |||||||
| Total | 514,000 | 0.23% | 1,182 | 118,220 | |||||||
| Inferred Mineral resources | |||||||||||
| Inferred | 1,879,000 | 0.31% | 5,825 | 582,490 | |||||||
| Cut-off | |||||||||||
| Reserves | 0.08% WO3 | ||||||||||
| Resources | 0.10% WO3 | ||||||||||
| Inferred Resources | 0.10% WO3 | ||||||||||
| Valtreixal October 31, 2015 | |||||||||||
| Tonnes | Avg Grade | Contained WO3 equivalent | |||||||||
| Reserves | (WO3 +Sn) | Tonnes | MTU | ||||||||
| Proven & Probable | 2,549,000 | 0.34% | 8,667 | 866,660 | |||||||
| Mineralized Tailings | 0 | 0.00% | 0 | 0 | |||||||
| Stockpiles | 0 | 0.00% | 0 | 0 | |||||||
| Total | 2,549,000 | 0.34% | 8,667 | 866,660 | |||||||
| Resources ( inclusive of reserves) | |||||||||||
| Measured | 0 | 0.00% | 0 | 0 | |||||||
| Indicated | 2,828,000 | 0.34% | 9,615 | 961,520 | |||||||
| Total | 2,828,000 | 0.34% | 9,615 | 961,520 | |||||||
| Inferred Mineral resources | |||||||||||
| Inferred | 15,419,000 | 0.17% | 26,212 | 2,621,230 | |||||||
| Cut-off | |||||||||||
| Reserves | 0.08% WO3 | ||||||||||
| Resources | 0.05% WO3 | ||||||||||
| Inferred Resources | 0.05% WO3 | ||||||||||
| WO3 Equivalent = WO3 + (Sn x 0.74), based on | |||||||||||
| Price | Recovery | ||||||||||
| WO3 | USD$37,000/t | 55% | |||||||||
| Sn | USD$23,150/t | 65% | |||||||||
| Almonty owns 25% of Valtreixal and has an | |||||||||||
| Sangdong October 31, 2015 | |||||||||||
| Tonnes | Avg Grade | Contained WO3 | |||||||||
| Reserves | WO3 | Tonnes | MTU | ||||||||
| Proven & Probable | 4,744,000 | 0.42% | 19,925 | 1,992,480 | |||||||
| Mineralized Tailings | 0 | 0.00% | 0 | 0 | |||||||
| Stockpiles | 0 | 0.00% | 0 | 0 | |||||||
| Total | 4,744,000 | 0.42% | 19,925 | 1,992,480 | |||||||
| Resources ( inclusive of | |||||||||||
| Measured | 0 | 0.00% | 0 | 0 | |||||||
| Indicated | 5,182,000 | 0.49% | 25,392 | 2,539,180 | |||||||
| Total | 5,182,000 | 0.49% | 25,392 | 2,539,180 | |||||||
| Inferred Mineral resources | |||||||||||
| Inferred | 52,765,000 | 0.44% | 230,222 | 23,022,200 | |||||||
| Cut-off | |||||||||||
| Reserves - max span< 3 metres | 0.236% WO3 | ||||||||||
| Reserves - max span > 3 and <6 metres | 0.28% WO4 | ||||||||||
| Reserves - max span> 6 metres | 0.23% WO5 | ||||||||||
| Resources | 0.15% WO3 | ||||||||||
| Inferred Resources | 0.15% WO3 | ||||||||||
| Level restriction - reserves down to the -2 level | |||||||||||
| Resource extends down to -13 level | |||||||||||
| Panasqueira June 30, 2015 | |||||||||||
| Tonnes | Avg Grade | Contained WO3 | |||||||||
| Reserves | WO3 | Tonnes | MTU | ||||||||
| Proven | 691,000 | 0.22% | 1,544 | 154,439 | |||||||
| Probable | 970,000 | 0.19% | 1,887 | 188,665 | |||||||
| Total | 1,661,000 | 0.21% | 3,431 | 343,104 | |||||||
| Resources ( inclusive of | |||||||||||
| Measured | 1,661,000 | 0.21% | 3,431 | 343,104 | |||||||
| Indicated | 7,877,000 | 0.24% | 18,692 | 1,869,212 | |||||||
| Total | 9,538,000 | 0.23% | 22,123 | 2,212,316 | |||||||
| Inferred Mineral resources | |||||||||||
| Inferred | 4,910,000 | 0.22% | 10,802 | 1,080,200 | |||||||
| Cut-off | |||||||||||
| Reserves | 0.12% WO3 | ||||||||||
| Measured Resources | 0.12% WO3 | ||||||||||
| Indicated Resources | 0.13% WO3 | ||||||||||
| Inferred Resources | 0.13% WO3 | ||||||||||
Almonty expects to file a NI 43-101 compliant Technical Report for the Panasqueira Tungsten Mine on SEDAR within 45 days.
| Almonty Consolidated | |||||||||||
| Tonnes | Avg Grade | Contained WO3 equivalent | |||||||||
| Reserves | (WO3 +Sn) | Tonnes | MTU | ||||||||
| Proven & Probable | 10,794,000 | 0.35% | 37,798 | 3,779,844 | |||||||
| Mineralized Tailings | 2,062,000 | 0.15% | 3,191 | 319,100 | |||||||
| Stockpiles | 55,289 | 0.33% | 183 | 18,300 | |||||||
| Total | 12,911,289 | 0.32% | 41,172 | 4,117,244 | |||||||
| Resources ( inclusive of reserves) | |||||||||||
| Measured | 1,736,000 | 0.22% | 3,735 | 373,504 | |||||||
| Indicated | 18,534,000 | 0.33% | 60,893 | 6,089,332 | |||||||
| Total | 20,270,000 | 0.32% | 64,628 | 6,462,836 | |||||||
| Inferred Mineral resources | |||||||||||
| Inferred | 76,851,000 | 0.36% | 277,724 | 27,772,420 | |||||||
Qualified Person
The Technical Report on the Mineral Resources and Reserves of the Sangdong Project, South Korea being filed today was prepared by Adam Wheeler, an independent mining consultant. Mr. Wheeler is an independent Qualified Person for the purposes of National Instrument 43-101 and has prepared and approved the scientific and technical disclosure contained in this news release.
About Almonty Industries Inc.
The principal business of Toronto, Canada-based Almonty Industries Inc. is the mining, processing and shipping of tungsten concentrate from its Los Santos Mine in western Spain, its Wolfram Camp Mine in north Queensland, Australia and its Panasqueira mine in Portugal as well as the development of the Sangdong tungsten mine in Gangwon Province, Korea and the Valtreixal tin/tungsten project in north western Spain. The Los Santos Mine was acquired by Almonty in September 2011 and is located approximately 50 kilometres from Salamanca in western Spain and produces tungsten concentrate. The Wolfram Camp Mine was acquired by Almonty in September 2014 and is located approximately 130 kilometres west of Cairns in northern Queensland, Australia and produces tungsten and molybdenum concentrate. The Panasqueira mine, which has been in production since 1896, is located approximately 260 kilometres northeast of Lisbon, Portugal, was acquired in January 2016 and produces tungsten concentrate. The Sangdong mine, which was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China, was acquired in September 2015 through the acquisition of a 100% interest in Woulfe Mining Corp. Almonty also has an option to acquire a 100% ownership interest in the Valtreixal tin-tungsten project in northwestern Spain. Further information about Almonty’s activities may be found at www.almonty.com and under Almonty’s profile at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
When used in this press release, the words “expect”, “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. This press release contains forward-looking statements and information including combining these companies. These statements and information are based on management’s beliefs, estimates and opinions on the date that statements are made and reflect Almonty’s current expectations.
Forward-looking statements in this news release include, but are not limited to, statements regarding the preparation and filing of an updated technical report for the Panasqueira Tungsten Mine within 45 days; the preparation and filing of a feasibility study for the Sangdong Tungsten Project, Republic of Korea and material improvements anticipated therein. The forward-looking statements and information in this press release include expectations and 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 and assumptions 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.
Investors are cautioned against attributing undue certainty to forward-looking statements. 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 factors.
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 LAWS.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160106006595/en/
Contact
Almonty
Lewis Black, 647-438-9766
President and CEO