Ormonde Mining plc has secured a three-year renewal for and regained full ownership of its two gold exploration licences in the Zamora province, western Spain.
INTERESTS
The company’s local subsidiary previously held 48.7% of Antofagasta and Cueva Negra while Shearwater Group plc held 51.3%.
Acquisition of its partner’s share for €50,000 will be paid with five million new ordinary shares of nominal value €0.01 each.
Ormonde, which is designing a work programme for Zamora, also has gold exploration interests in Newfoundland, Canada and Aberdeenshire, UK.
“Gold is surging, achieving a new record high in February, further highlighting the metal’s position as the ultimate safe-haven asset,” said executive chair Brian Timmons.
“Against such a backdrop, and with gold prices already having more than doubled in the decade since meaningful work was last completed on these prospective gold licences, getting the licences renewed and returning Ormonde to 100% ownership opens the way for several different value enhancing options to now be considered.”
Ormonde added that Shearwater had changed the focus of its business and no longer had an interest in mineral exploration.