Ormonde Narrows Losses in First Half
Irish tungsten and gold mining group, Ormonde, this morning reported a narrower half-year loss of E242, 000 compared with E379, 000 in the previous year.
Loss on ordinary activities for the six-month period reduced to E242,000 from E377,000 in the year earlier period.
Loss per share for the six months ended 30 June 2009 was E0.0012, narrower than E0.0021 in the comparable period last year.
The company said that, although its activities were slowed somewhat during the first six months of 2009 in response to ongoing uncertainty in financial markets, it continued to make significant technical progress at its Barruecopardo Tungsten Project and at our La Zarza Copper-Gold Project – both in Spain.
"With this size and grade of resource, Barruecopardo is already a major western world tungsten deposit. However the fact that the deposit remains only partially drilled, with all tungsten zones remaining open both at depth and along strike, clearly points to a much larger, long term, resource base and a long-life mining project," it said.
COLLETED BY KAREN FROM www.chinatungsten.com
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