The updated feasibility study was prepared in conjunction with the NI
43-101 Technical Report on the Sangdong Tungsten Mine dated December 31,
2015 and filed on SEDAR by Almonty on January 6, 2016
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN
THE UNITED STATES
Almonty Industries Inc. (“Almonty” or the “Company”) (TSX-V: AII) today
announced the completion of an updated Feasibility Study for the
Sangdong tungsten mine in Gangwon Province, South Korea. The updated
Feasibility Study is available on the Company’s website at www.almonty.com.
Lewis Black, Chief Executive Officer of Almonty commented “The
Feasibility Study update being published today resulted from information
gathered during Almonty’s due diligence associated with the acquisition
of Woulfe Mining Corp. The analysis of additional exploration data that
was not previously considered as part of the old Feasibility Study that
was filed on June 5th, 2015 led to the updated NI 43-101
technical report on Sangdong that was filed by Almonty on January 6,
2016. This in turn led to a review of the mining methods and mine
development plan, which have now been adapted to Almonty’s overall
vision for the long-term potential of the project.
We believe the updated Feasibility Study changes the focus of the
Sangdong Project to a larger, and potentially longer life mine than was
originally contemplated. The work done to date on the updated
Feasibility Study is what gave us the confidence to engage KECC,
originally announced on January 6, 2016, to complete the engineering
study of the project and lead us towards obtaining the final surface
permits needed in order to begin construction.”
The updated Feasibility Study does not change the mineral reserve and
mineral resource estimates set forth in the December 31, 2015 technical
report (summarized in a press release dated January 6, 2016, and
available under the Company’s profile on SEDAR (www.sedar.com))
and is otherwise generally consistent with the contents of that report.
Qualified Persons
The updated Feasibility Study Report on the Sangdong Project, South
Korea was prepared by Adam Wheeler and Andrew Wells, both independent
mining consultants. Both Mr. Wheeler and Mr. Wells are independent
Qualified Persons for the purposes of National Instrument 43-101 and
have 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 updated Feasibility Study for the
Sangdong Tungsten Project, Republic of Korea and material improvements
therein, the long-term potential of the project; completion of
the engineering study, and, obtaining final surface permits
needed to begin construction. 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/20160129005397/en/
Copyright Business Wire 2016