17th Jul 2007 10:28
Ormonde Mining PLC17 July 2007 Ormonde Mining plc Placing by Brewin Dolphin Securities Limited and J&E Davy of 12,200,000 New Ordinary Shares of €0.025 each at 10p per Ordinary Share DUBLIN & LONDON: 17 July 2007 - Ormonde Mining plc ("Ormonde" or "the Company")announces that it is placing 12,200,000 new ordinary shares of €0.025 each inthe Company with institutional and other investors at a price of 10p per share(the "Placing") to raise £1.22 million (before expenses). The proceeds of the Placing will be utilised by the Company to: • fund payments due in connection with Ormonde's acquisition of a 100% interest in the La Zarza Copper-Gold Project in southwest Spain, as announced by the Company on 12 July 2007 • carry out further drilling to facilitate the incorporation of the additional Zinc and Copper Massive Sulphide Zones at La Zarza into the Feasibility Study • carry out detailed infill and step-out drilling and commence initial technical evaluation studies on the Barruecopardo Tungsten Project, recently upgraded to Advanced Project status, as announced by Ormonde on the 4 July 2007. The new ordinary shares will rank pari passu in all respects with the existingordinary shares in the Company. Application will be made for the new ordinaryshares to be admitted to trading on the AIM market of the London Stock Exchangeand the IEX market of the Irish Stock Exchange and it is expected that tradingwill commence on 24 July 2007. For further information: Kerr Anderson, Managing Director Ormonde Mining plc Tel: +353 (0)46 9073623 Simon Rothschild Bankside Consultants Tel: +44 (0)20 7367 8871 Eugenee Mulhern/Fergal Meegan J&E Davy Tel: +353 1 679 6363 Jon Fitzpatrick Brewin Dolphin Investment Banking Tel: +44 141 314 8122 Additional Information Ormonde Mining plc is quoted on the AIM in London and the IEX in Dublin. Ormondeis a mineral development and exploration company focused on Spain, with theobjective of developing mining projects and taking them into production. Ormonde's main project is the La Zarza Copper-Gold Project in southern Spainwhere a Bankable Feasibility Study is being carried out by leading internationalengineering firms. A pre-feasibility study completed in September 2006 showedpositive economics for the development of an underground mining operation at LaZarza. Ormonde is also evaluating the Barruecopardo high-grade tungsten deposit in theSalamanca area. Following two stages of exploration drilling, the definition ofhigh-grade tungsten mineralisation and preliminary metallurgical testwork, thisproject has been upgraded to advanced project status. A continuous programme ofin-fill and step-out drilling is now underway with a view to fast-tracking theevaluation of this project. Ormonde is also exploring several gold exploration targets in the Salamanca areaand in northwest Spain. For more information please visit www.ormondemining.com. 17 July 2007 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
ORM.L