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MADRID - Ormonde Mining plc (AQSE: ORM), a natural resources company, has announced the full acquisition of two gold exploration licenses in the Zamora province of western Spain, taking its ownership from 48.7% to 100%. The licenses, known as Antofagasta (LON:ANTO) and Cueva Negra, have been renewed for three years.
The company’s increased stake comes through an agreement with Shearwater Group PLC (AIM: SWG), which has sold its 51.3% interest in the joint venture for €50,000, payable in 5,000,000 new Ormonde ordinary shares. Shearwater, which has shifted its focus to cybersecurity, is divesting its interest in mineral exploration.
This strategic move by Ormonde aligns with its objective to capitalize on the Zamora Licenses’ potential, especially considering the current high gold prices. Independent (LON:IOG) geological reports have recognized the licenses’ prospects for significant gold mineralization.
Ormonde’s Executive Chair, Brian Timmons, expressed optimism about the acquisition, citing the surge in gold prices to record highs and the potential for various value-enhancing options for the company. Timmons also noted Ormonde’s broader investment exposure to gold, including a controlling interest in the Golden Rose project in Newfoundland, which is flanked by gold deposits and has secured funding from a major Canadian gold company.
The transaction is subject to the issuance of the Consideration Shares, and Ormonde will provide further updates upon their admission. This development positions Ormonde to independently advance its exploration efforts and evaluate the full potential of its now wholly-owned Zamora Licenses.
The information in this article is based on a press release statement from Ormonde Mining plc.
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