Almonty Industries Inc. (TSXV:AII) signed an option agreement for a 51% interest in the Valtreixal Tin-Tungsten project in North Western Spain, as well as to be the project operator, for Euro 1.4 million. Valtreixal is approximately 250km from the Company’s Los Santos tungsten project, and has a historical estimate of 8.65 million tonnes of mineralization at a grade of 0.23% Sn+WO3(0.10% Sn + WO3 cut-off).
As quoted in the press release:
Almonty is required to make a Euro 100,000 payment on June 1, 2013 with the balance of funds due over the remaining 24 months should Almonty decide to continue with the project. Almonty also has the option to acquire the remaining 49% interest in the project for an additional Euro 2.0 million at the end of the 24 month period.
Almonty CEO Lewis Black said:
We are excited about the opportunity to add a second project to Almonty’s portfolio and believe that there is significant potential for Almonty to expand the historical estimate at Valtreixal through additional exploration activities.