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TORONTO,
Oct. 16, 2014 /CNW/ - Almonty
Industries Inc. ("Almonty" or the "Company") (TSX-V: AII) today
announced the filing of a National Instrument 43-101 Technical
Report for the Wolfram Camp Mine, a tungsten mine located in
Queensland, Australia that was
acquired by Almonty on September 22,
2014.
The Technical Report was filed on SEDAR
(www.sedar.com) under Almonty's company profile and will also be
available on the Company's website at www.almonty.com.
"We believe the NI 43-101 Technical Report
for Wolfram Camp is comparable to the NI 43-101 Technical Report
for the Los Santos Mine when we first acquired it. We expect
to be able to demonstrate a similar level of longevity in the mine
life, increased reserve base and increased contained tungsten
through additional exploration activity at Wolfram Camp, much like
we accomplished at the Los Santos Mine" said Lewis Black, Chief Executive Officer of
Almonty.
Qualified Person
The Technical Report that forms the basis for
this press release was 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.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Disclaimer for Forward-Looking
Information
This press release contains forward-looking
statements and information that are based on the beliefs of
management and reflect Almonty's current expectations. When used in
this press release, the words "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.
The forward-looking statements and information in
this press release include 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
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.
Forward-looking statements are made based on
management's beliefs, estimates and opinions on the date that
statements are made and Almonty undertakes no obligation to update
forward-looking statements if these beliefs, estimates and opinions
or other circumstances should change.
Investors are cautioned against attributing undue
certainty to forward-looking statements. Almonty cautions that the
foregoing list of material factors is not exhaustive. 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.
SOURCE Almonty Industries Inc.