The Board of Ormonde is pleased to report that its wholly-owned subsidiary Ormonde España SL has now been awarded four new investigation permits along strike from its La Zarza Copper Project in the Huelva Province of southern Spain. These permits have been included in the joint venture with Antofagasta Minerals SA and detailed work programmes will now be extended into these new areas.
- The four new permits cover a total area of some 95 square kilometres along strike to the east and
west of the known mineral resources at La Zarza.
- Work programmes for 2011 agreed by the joint venture include a close line spaced airborne
electromagnetic (VTEM) survey, a gravity survey and a provision for some 3,000 metres of diamond drilling on any targets identified.
- The agreed budget for the programme of US$1.3 million will be funded by Antofagasta under the terms of the joint venture agreement.
- Exploration activities have commenced and shareholders will be updated over the coming months.
Kerr Anderson, Ormonde's Managing Director, said: "The new permits are a significant addition to our ground holdings in the La Zarza Copper Project area and we are now moving forward with an aggressive exploration programme, funded by our Joint Venture partner Antofagasta, which will, I believe, identify any significant massive sulphides at reasonable depths in these new areas. I look forward to reporting on progress on the joint venture activities as these exciting programmes progress and results become available".