/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES/
TORONTO, Oct. 24, 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
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)
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Tonnes
(000's)
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Sn
(%)
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WO3
(%)
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WO3
Equivalent
(%)
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Inferred
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7,410
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0.12
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0.20
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0.27
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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
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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.
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. This press release contains forward-looking
statements and information including, without limitation, our
understanding continues to grow, conclude in the spring, proceed to
permitting/construction and taken a conservative view. These
statements and information are based on management's beliefs,
estimates and opinions on the date that statements are made and
reflect Almonty's current expectations.
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.