NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR DISSEMINATION IN THE UNITED
STATES
TORONTO, Jan. 5, 2015 /CNW/ - Almonty Industries Inc.
("Almonty" or the "Company") (TSX-V: AII) today announced that it
has made the third installment payment of €300,000 on the
Valtreixal tin-tungsten project located in north western
Spain (instalment payments to date
total €700,000). Almonty now owns a 25% interest in the
Valtreixal project and has an option to acquire the remaining 75%
ownership interest through €1,700,000 in additional installment
payments over the next 18 months.
Almonty filed a National Instrument 43-101 Technical Report for
the Valtreixal tin-tungsten project on October 24, 2014. Further review and
analysis of ongoing work carried out on the project since that time
has enabled Almonty to gain a more detailed understanding of the
project's potential. The Company believes that the project
warrants continued development and anticipates that the 2015
exploration campaign, which is scheduled to be completed in the
spring of 2015, will support this position.
Lewis Black, Chief Executive
Officer of Almonty commented, "We are committed to furthering our
understanding of the Valtreixal project and believe Valtreixal is
the best tungsten project to be found on the Iberian peninsula in
the past thirty years. We expect to be well positioned to
proceed to the permitting/construction stage upon completion of the
2015 exploration campaign."
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, best tungsten project, permitting/construction stage
and completion of the 2015 exploration campaign. 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. Such factors and
assumptions include, among other things, the estimation of mineral
resources, the realization of resource estimates, tungsten metal
prices, the timing and amount of future exploration and development
expenditures, the estimation of initial and sustaining capital
requirements, the estimation of labour and operating costs, the
availability of necessary financing and materials to continue to
explore and develop the Valtreixal project in the short and
long-term, the progress of exploration and development activities,
the receipt of necessary regulatory approvals, the completion of
the environmental assessment process, and assumptions with respect
to currency fluctuations, environmental risks, title disputes or
claims, and other similar matters. While the Company considers
these assumptions to be reasonable based on information currently
available to it, they may prove to be incorrect.
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 except as required by applicable
laws.
Investors are cautioned against attributing undue certainty
to forward-looking statements. Almonty cautions that the foregoing
list of material factors is not. 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.