Thursday, 20th January 2005 (2706 views)

Irish precious metals explorer, Ormonde Mining, has announced that it has resumed its 100 per cent ownership of the Tracia Gold Project in the northwest of Spain.

The ISEQ-listed firm said it had secured complete ownership after acquiring Minmet's interest in Swedish company International Gold Exploration (IGE) for a consideration of 2,667,235 Ormonde shares.

A first-phase drilling programme has already begun, with trenching results including grades of 34.7, 23.9, 11.3 and 8.9 grams per tonne of gold.

Managing director of Ormonde, Kerr Anderson told the Business World website that IGE-funded activities have been of substantial value to the Tracia Project and welcomed the return of their interest.

"The IGE earn-in has allowed Ormonde to fast-track the Project to the drilling stage, and now that we have identified several quality targets we will continue with this rapid development," he said.

"We anticipate that the current drilling programme will continue to add value, from which our shareholders can now benefit in full," he added.

"New trenching results from the Casaldrago Prospect further demonstrate the Project's potential, and we look forward to the forthcoming drilling at this locality."

 

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