Almonty Industries Inc. ("Almonty") announces that it has received, from the Municipality of Pedralba de la Paraderia in Spain, a new land classification for its Valtreixal Property whereby the property is now deemed to be suitable for extraction activity. The Company's Valtreixal Property is located approximately 250 kilometers from the Company's wholly-owned Los Santos Mine in Spain and 185 kilometers from Salamanca.
This new land classification will now allow the Company to complete the mining permitting process and to move forward with the completion of an open-pit mine plan for the property. We expect this permitting process to now be finished at the end of this summer 2020.
Almonty's Chairman, President and CEO Lewis Black commented:
"We are very pleased that, after several years of intense geological and metallurgical work performed by our seasoned technical team and by external specialists with respect to assessments of environmental impact, historical heritage and socio-economic issues, as well as restoration plans, the Spanish government has finally given their stamp of approval to move forward towards obtaining a mining licence for our Valtreixal Property. This re-zoning has significantly increased the value of this project and we are now preparing the plans for an open-pit mine at our Valtreixal Property.
"I would like to thank the administrative team at the Municipality of Pedralba de la Paraderia in Spain as well as all of the various external experts, including Siemcalsa, The regional Mines department of Castilla y Leon and the Environment department for their collaboration and perseverance in helping to achieve this very important milestone for the Company. I am now looking forward to seeing our third tungsten mine come into full production supported by the current Los Santos team at our successfully functioning plant in Los Santos."