Ormonde Mining PLC
08 December 2005
Ormonde Mining plc
Ormonde Awarded Grants By Spanish Authorities
DUBLIN & LONDON: 08 December 2005 - Ormonde Mining plc ("Ormonde" or "the
Company") reports that its wholly-owned Spanish subsidiary has been awarded
grants totalling €320,000 from the Ministry of Industry, Tourism and Trade in
Spain, in respect of investigation activities carried out in 2005.
Grants have been awarded as follows:
La Zarza Gold-Copper Project - €145,000
Tracia Gold Project - €175,000
Kerr Anderson, Managing Director, said today,
"As well as the obvious financial benefits of receiving these grants, we are
highly encouraged by this level of support for Ormonde's activities given by the
Spanish authorities."
Grants are awarded on the basis of forecasted expenditure on a project for the
current year, and are subject to the satisfactory completion of a technical
audit and review of actual project expenditures by the granting authority. The
grant awarded to La Zarza is non-refundable and represents 20 per cent of the
budgeted expenditure for 2005. The grant for Tracia, which represents a higher
percentage (56 per cent) of forecasted expenditure, is repayable on favourable
terms should activities over a period of investigation be positive. Should
Ormonde cease activities at Tracia, title to the permit would be transferred to
the authorities in lieu of repayment of any grants.
Enquiries to:
Kerr Anderson, Managing Director,
Ormonde Mining plc
Tel: +353 (0)46 9073623
Fraser Gardiner, Director,
Ormonde Mining plc
Tel: +353 (0)86 3931178
Simon Rothschild,
Bankside Consultants
Tel: +44 (0)20 7367 8871 or Mobile: +44 (0)7703 167065
BACKGROUND INFORMATION
Ormonde Mining is quoted on the AIM and IEX markets in London and Dublin,
respectively. The Company is focused on acquiring and developing gold projects
in Spain where it has a strong local Spanish management team, supported by a
Board with extensive exploration expertise in the region and mine development
experience.
For more information and contact details including email, please visit
www.ormondemining.com.
8 December, 2005
This information is provided by RNS
The company news service from the London Stock Exchange
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