/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES/
TORONTO, June 24, 2013 /CNW/ - Almonty Industries Inc. ("Almonty")
(TSXV: AII) announces that it has temporarily suspended mineral
processing activities at its wholly owned Los Santos Project as a
result of an electrical fire that destroyed its diesel generator power
supply and caused severe damage to its electrical switching
infrastructure on June 23, 2013. The fire started in the generator room
and the local fire brigade was called to the scene shortly after the
fire was discovered. The blaze was quickly brought under control and
extinguished, limiting the damage to the electrical supply building and
the diesel generators, which were completely destroyed. No repairs to
the damaged electrical supply building, diesel generators or electrical
infrastructure will be necessary in order for the Company to connect to
the state electricity grid.
The Company is working with its insurance adjusters to determine the
extent of the damage and business interruption that is covered under
its insurance policies. The Company has informed its customer about
the disruption to processing and delivery of tungsten concentrate as
required by its Long-Term Supply Agreement and will restore normal
shipments as soon as possible.
Pictures of the damage will be available on the Company's website (www.almonty.com).
Lewis Black, Chief Executive Officer of Almonty commented, "We are
fortunate that no one was injured as a result of the fire and that the
damage was quickly contained to the electrical supply building. We are
working diligently to bring the operations back on-line as quickly as
possible through the use of temporary diesel generators until such time
that we complete our connection to the state electricity grid,
anticipated to be some time in August 2013. We are still in operation
with ore being stockpiled until processing resumes, expected by July 1,
2013. There is sufficient power available on site to run all
non-mineral processing activities. We have decided to undertake
quarterly repair and maintenance activities that were originally
scheduled to occur in August 2013 during this stoppage in order to
minimize the downtime to our processing operations for the balance of
the year."
About Almonty
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
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. This press release contains forward-looking
statements and information including, without limitation, the ability
of the Company to restore its operations and normal shipments,
insurance coverage and the completion of a connection to the state
electricity grid. 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.
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 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. 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
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.
SOURCE: Almonty Industries Inc.
