Current Status: Joint Venture with Aurum Mining PLC (43% Ormonde); preliminary non-JORC compliant Mineral Resource on the El Facho Prospect of some 3.8-4.8 million tonnes with overall grades from 0.9-1.0g/t gold using a 0.3g/t gold cut-off (total of 122,000-145,000 ounces). It is important to note that this resource has not been estimated in compliance with any internationally recognised standard and has been undertaken to guide further drilling programmes. The range in estimates is due to the use of differing modelling assumptions in the estimation process. Soil sampling has identified further target areas in close proximity to El Facho.
Previous Drilling: In the 1990s drilling was carried out on the Pino de Oro gold prospect in the Zamora Province, by Spanish government agencies which intersected high-grade gold mineralisation, with better intersections including 1.0m grading 65.8 g/t and 10.7m grading 3.7 g/t gold on the El Facho and La Solana structures. Drilling by Ormonde in 2007 confirmed the previous government drilling, with intersections including 1.0m grading 18.9 g/t, 1.0m grading 16.6 g/t and 3.0m grading 4.3 g/t gold.
Drilling by the Joint Venture: Drilling to date by the Joint Venture has been focused on the “El Facho” gold structure, where the Joint Venture has drilled eleven holes (ORMP-10, 11 and 13-21) (See Fig-3 and 4) for a total of 2,697 metres of drilling, bringing total drilling at El Facho to eighteen holes drilled by Ormonde / or the Joint Venture for a total of 3,658 metres. Gold mineralisation is hosted in steeply-dipping structures characterised by quartz veining, silicification and alteration in granites. The Joint Venture drilling was designed to test for extensions to the known gold intersections and in particular to ascertain whether broader mineralised intervals can be delineated.