Toronto October 24, 2014 – Almonty Industries Inc. (“Almonty” or the “Company”) (TSX-V: AII) today announced the filing of a National Instrument 43-101 technical report for the Valtreixal tin-tungsten project located in north western Spain. Almonty has an option to acquire a 100% ownership interest in the Valtreixal tin-tungsten project.
The complete report was filed on SEDAR (
www.sedar.com) under Almonty’s company profile and will also be available on the Company's website.
The summarized table of inferred resources as follows:
NI 43-101 Mineral Reserves/Resources of the Valtreixal tin-tungsten Project (as at Aug 31, 2014) | | Tonnes
(000’s) | Sn
(%) | WO3
(%) |
WO3
Equivalent (%) |
| Inferred | 7,410 | 0.12 | 0.20 | 0.27 |
Cut-off applied of 0.10%WO3 - Eq
WO3 - Eq = WO3 + (Sn x 0.63), based on metal prices:
WO3 $37,000/t
Sn $23,150/t
Maximum extrapolation = 50m; Density assumed = 2.9 t/m3
No Mineral Reserves have been determined in the current study, as the resources have all been assigned an Inferred resource category.
Lewis Black, Chief Executive Officer of Almonty commented, “As our understanding of Valtreixal continues to grow so does our confidence in the project. We have taken a conservative view of the potential of the Valtreixal project and believe that, when the current drilling campaign concludes in the spring of 2015, we will be well positioned to proceed to the permitting/construction stage. We will have more to report at that time.”
Qualified Person
The mineral reserve and mineral resource estimates and the updated technical report that form the basis for this press release were prepared by Adam Wheeler, an independent mining consultant. Mr. Wheeler is an independent qualified person for the purposes of National Instrument 43-101.”
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 Los Santos Mine in western Spain and its Wolfram Camp Mine in north Queensland, Australia. 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 110 km west of Cairns in northern Queensland. Australia and produces tungsten and molybdenum concentrate. Almonty also has an option to acquire a 100% ownership interest in the Valtreixal tin-tungsten project in north western Spain. Management and certain members of Almonty’s Board of Directors led the turnaround and eventual sale of Primary Metals Inc., the operator of the Panasqueira Tungsten Mine in Portugal from 2003 to 2007. Further information about the company’s activities may be found at
www.almonty.com and under the company’s profile at
www.sedar.com.
For further information please contact:
Lewis Black, Chairman, President & CEO
Telephone: (647) 438-9766
Email:
Info@almonty.com Dennis Logan, Director & Chief Financial Officer
Telephone: (647) 438-9766
Email:
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