La Zarza Update

RNS Number : 8259E

Ormonde Mining PLC

16 May 2013

 

16 May 2013

Ormonde Mining plc

("Ormonde" or "the Company")

La Zarza Update

The Board of Ormonde Mining plc ("Ormonde" or "the Company") reports that, further to the announcement on 22 February 2013 regarding an Option Agreement ("the Agreement") with Spanish company Nueva Tharsis SA ("Nueva Tharsis") relating to the potential divestment of the Company's interest in the La Zarza Copper Project ("La Zarza"), the Option period ended on 15 May 2013 and the Option has not been exercised.  Notwithstanding this, Nueva Tharsis has advised the Company that negotiations with interested third parties continue and that a transaction may still complete.  Ormonde will provide an update following a conclusion to these discussions.

Under the terms of the Agreement entered into between the parties, Ormonde's wholly-owned subsidiary Ormonde España (which holds Ormonde's interest in La Zarza) agreed to collaborate with Nueva Tharsis in the planned disposal of the entire mining assets and interests of Nueva Tharsis to a third party.  In this regard, Ormonde agreed to contribute the entire share capital of Ormonde España to this package for a total consideration of €5 million. 

Enquiries to:

Ormonde Mining plc

Kerr Anderson, Managing Director  Tel: [phone]

Bankside Consultants

Simon Rothschild  Tel: [phone]   Mob: [phone]

Murray Consultants

Ed Micheau  Tel: [phone]  Mob: [phone]

Davy (Nomad / ESM Adviser)

Eugenée Mulhern / Roland French  Tel: [phone]

ENDS

About Ormonde

Ormonde Mining Plc is admitted to trading on the AIM market in London & the ESM market in Dublin. Ormonde is a mineral development and exploration company focused on Spain (Ticker: ORM).

 

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