NORTH AMERICAN TUNGSTEN CORPORATION LTD. (the "Company") announces that it has completed the CAD$3,065,000 private placement financing announced on November 23, 2009. The Company issued a total of 20,433,333 common shares ("Common Shares") at a price of CAD$0.15 per Common Share. The Common Shares issued pursuant to the private placement are subject to a hold period that expires on March 28, 2010 in accordance with applicable Canadian securities laws and the policies of the TSX Venture Exchange.
The proceeds of the private placement will be used for working capital.
For full release please visit the Company website NTC News
Exploration firm NunaMinerals (NUNA.CO) has made a gold discovery on the sourthern tip of Greenland, the company said on Monday, lifting its shares sharply.
"Significant gold discoveries have been identified in two of five drilled targets in the Vagar exclusive licence," Copenhagen-listed NunaMinerals A/S said in a statement.
The company said further investigation, including drilling and test mining, would be needed to determine the grade and volume of the discoveries.
NunaMinerals' shares leapt 31.4 percent to 230 crowns by 1006 GMT.
The discoveries were made on the north coast of the 300 square km Niaqornaarsuk peninsula, about 25 km north of the Nalunaq Gold Mine, it said. Nalunaq, where commercial mining began in 2004, is Greenland's first gold mine.
"It is encouraging that the two largest targets yield remarkably higher gold contents than the target at Kirkespirdalen where Nalunaq Gold Mine is situated," Chief Executive Ole Christiansen said in the statement.
In addition to gold, scheelite, which is a tungsten mineral, has also been found at the prospect, NunaMinerals said.
"Tungsten is a strategic mineral and concentrates of scheelite are readily saleable," Christiansen said.
As a consequence of the discoveries, NunaMinerals has applied to enlarge the Vagar licence to about 470 km2 from 287 km2, the Nuuk, Greenland-based company said.
TORONTO, ONTARIO -- 11/24/09 -- Largo Resources Ltd. (TSX VENTURE: LGO) is pleased to announce that it has signed an option agreement with Emprogeo Ltda. ("Emprogeo"), to acquire the Currais Novos Tungsten project. The project envisions the reprocessing and recovery of tungsten and molybdenum from tailings deposited during the processing of ore from the Barra Verde tungsten-molybdenum mine that has operated intermittently since 1957.
In addition, Largo is pleased to report that it is in advanced discussions with a major end user of tungsten with respect to collaboration on the Currais Novos Tungsten project, subject to favourable due diligence and an economic evaluation.
Mark Brennan, President and CEO of Largo, stated: "We are very excited with the prospects for Currais Novos. We have conducted initial due diligence that indicates potentially attractive economics over a 5 year period at current prices as well as a moderately short start-up period. The development of the Currais Novos tungsten project is part of Largo's strategy to work with a major end user of tungsten to bring the Northern Dancer project to production."
The Currais Novos property is located 180 kilometres west-southwest of Natal in the State of Rio Grande do Norte, Northeastern Brazil (see attached location map below). The project is in the municipality of Currais Novos, on the Campina Grande-Natal highway, about 6 km. south of the city of Currais Novos.
The 148 hectare property consists of one (1) concession on which the tailings are situated. No compliant NI 43-101 resource exists for the tailings material. Preliminary samples taken by Largo resulted in grade estimates of approximately 0.15% WO3 and 0.05% molybdenum which are within the range estimated by the current owners. The potential grade is conceptual in nature since there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Upon the signing of the respective acquisition agreement, Largo shall have the option to acquire a 100% interest in the tailings, subject to the terms and conditions set forth therein, for a purchase price of US$500,000 payable in instalments over a 6-month period commencing in January 2010, subject to satisfactory due diligence.
Largo plans to use the due diligence period to establish a NI 43-101 compliant mineral resource for the tailings and also to carry out testwork to establish its process and metallurgical characteristics. In addition, all necessary title, legal, environmental and marketing aspects will be reviewed. Based on the estimated source and apparent nature of the Currais Novos tailings, Largo believes that there is potential for near-term production of tungsten and molybdenum concentrates.
The Currais Novos property is underlain by a portion of the Serido Mobile Belt (SMB) which is located in northeastern Brazil and consists of a gneiss basement (Paleo-Proterozoic), a metasedimentary sequence (marble, quartzites, and schists), and the Brasiliano igneous suite (both of Neo-Proterozoic age). In this region, numerous mineralized skarns occur within marble and at the marble-schist contact in the metasedimentary sequence and have been known since at least the 1940s. The main characteristic of the SMB skarns is that they are dominantly oxidized tungsten skarns and several mines currently operate on a small scale in this part of northeastern Brazil producing tungsten concentrate.
Timothy Mann, P. Eng.,Vice President, Engineering of the Company and a Qualified Person under NI 43-101, has reviewed the scientific and technical information in this press release.
About Largo
Largo Resources Ltd. is a Canadian natural resource development and exploration company with two advanced stage projects: the Maracas Vanadium-PGM deposit in Brazil and the Northern Dancer Tungsten-Molybdenum deposit in the Yukon. The company is listed on the TSX Venture Exchange under the symbol LGO.
November 24, 2009 EMC Announces Acquisition Of The Technology Store, Inc.
Vancouver, British Columbia - November 24, 2009 -- EMC Metals Corp. (TSX: EMC) is pleased to announce that it has entered into a stock purchase agreement (the "Agreement") with Willem and Irene Duyvesteyn (the "Sellers") dated November 19, 2009, whereby EMC has agreed to purchase all of the issued and outstanding capital stock of The Technology Store, Inc., a Nevada corporation, from the Sellers in exchange for 19,037,386 common shares of EMC.
Background of TTS
The Technology Store, Inc. ("TTS"), incorporated in 2000, specializes in the development of specialty metals extractive technologies, with emphasis on improving recoveries in the extraction of tungsten, boron, lithium, scandium, titanium, and nickel and a host of other emerging and unusual metals. The acquisition of TTS by EMC will provide EMC with access to certain assets used in connection with mining activity, as well as exclusive access to the extraction technologies. In addition TTS provides technical know-how which complements EMC's existing technical team, and also provides access to strategic acquisition or participation opportunities in resource projects targeting specialty metals, including boron, lithium and scandium.
Other assets of TTS include five nickel extraction licenses and 560 cubic feet of ion exchange resin prepared by Dow Chemical, which was acquired by TTS from BHP Billiton, having a current market value of over US$2 million. Ion exchange resin is used in the extraction of various specialty and rare metals, including nickel, tungsten, molybdenum, and vanadium. The resin would be available to EMC in connection with future production. In addition, TTS has the right to receive a US$2.5 million bonus payment in connection with a contract with a major US based oil company.
Three of TTS's current research projects that following the acquisition EMC will have exclusive access to are summarized below:
1. TTS has a proprietary technology to extract boron out of waste brines. The waste brines are created in the production of various minerals from brines. These brine layers occur in many parts of the world;
2. TTS is developing technology to extract scandium from primary scandium deposits and from nickel-scandium laterites. While the technology has not been fully defined, TTS has successfully extracted scandium from these deposits on a small scale using this technology; and
3. TTS has performed scoping tests on a titanium deposit with unsolved and unusual metallurgical challenges with encouraging results.
TTS is also in the process of preparing and filing patents related to an agreement with a major US based oil company for the extraction of bitumen from oil sands and for the cracking of heavy oil into lighter components. None of the patents related to oil or oil sands technologies will be retained by TTS, however as noted above, TTS's agreement includes potential future bonuses in the event certain commercial hurdles are met, namely breaking ground for construction of several commercial plants. These bonuses have a value of up to US$2.5 million and the right to these future potential bonuses would remain with TTS as a wholly owned subsidiary of EMC. TTS has the right to claim these bonuses up to 10 years after termination of this agreement, with the agreement set to expire on December 19, 2009.
TTS has a further 26 chemical and mineral commercial processing projects in various stages of development that may potentially be patented following additional laboratory and support work.
Information on Willem Duyvesteyn
Mr. Willem Duyvesteyn is the principal of TTS, and will on closing of the acquisition be appointed to the board of EMC. Mr. Duyvesteyn has 40 years experience in the mining, mineral and energy industries. He has been involved in the invention of 41 patents for various metallurgical extraction processes, and is the primary inventor on almost all of these patents. Prior to his involvement with TTS, Mr. Duyvesteyn was Vice President and General Manager of Minerals Technology with BHP Billiton for 10 years. Prior to his time with BHP Billiton, he was the Acting Dean of the Delft University of Technology School of Mines, and held positions with various mining and engineering companies. Mr. Duyvesteyn is a member of several technical organizations in the mining, processing and chemical fields, including AIME, CIM, IMM, AlChE and ACS. As a result of his technical knowledge and experience in the industry, Mr. Duyvesteyn has numerous business opportunities, technologies and business contacts which will benefit EMC.
"The acquisition of TTS provides EMC with exclusive access to extractive technologies that would give EMC a competitive advantage in connection with future production from our existing resource property interests, as well as in connection with the acquisition of new projects targeting scandium, boron and titanium", said Mr. Peter Bosse, President. "TTS, through Mr. Willem Duyvesteyn, also provides EMC with a unique opportunity to access advanced specialty metals properties for the purpose of diversifying our current property portfolio".
The Agreement
Pursuant to the terms of the Agreement, EMC will on closing acquire the shares of TTS by issuing 19,037,386 common shares of EMC, paying US$500,000 in cash to the Seller, and paying an amount of US$302,358 representing the U.S. federal income taxes payable by the Seller as a result of the issuance of the shares of EMC to the Seller. In addition, EMC will issue to the Seller a promissory note in the amount of $500,000 with a principal maturity of 2 years and accrued interest paid annually at bank prime interest rate in effect on the closing date. EMC's obligations under the promissory note and certain cash payments to the Seller will be secured by a pledge of all of the shares in the capital stock of EMC's subsidiaries in accordance with a stock pledge agreement and a security interest in all of EMC's assets in accordance with a security agreement.
In accordance with the terms of the Agreement, EMC will enter into a consulting agreement with Mr. Duyvesteyn, whereby EMC will grant to Mr. Duyvesteyn 200,000 stock options of EMC, to be issued in 4 equal instalments over 2 years. The options will be exercisable at a price equal to the volume-weighted average price of EMC's common shares listed on the Toronto Stock Exchange for the 10 trading days preceding the effective date of the consulting agreement, and will be exercisable for a period of 5 years.
EMC and the Seller will also enter into a voting agreement, whereby the Seller will be granted the right to elect one director when EMC has six or fewer directors, or two directors when EMC has seven or more directors.
The closing of the transaction is subject to approval by the Toronto Stock Exchange.
About EMC Metals Corp.
EMC Metals is a specialty metals company mandated to realize opportunity from the extraction and processing of specialty metals. EMC Metals also holds two major properties, the Carlin Vanadium project and the Springer Tungsten Mine and Mill. Originally constructed by the General Electric Company in 1980, the Springer project boasts a fully permitted and renovated 1,200 tpd mill facility. EMC Metals acquired Springer in 2006 and has spent approximately $38 million to date on its rehabilitation and expansion.
This press release does not constitute an offer of securities in the United States. The securities referenced herein have not been and will not be registered under any federal or state securities law of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
In early 2008 it was reported that at least some of the gold bars in the vaults at the National Bank of Ethiopia were fake. The discovery was made when bars shipped from Ethiopia to South Africa were returned after they were identified as being gilded steel.
Gilded steel is a very unconvincing form of fake gold because the density of the iron alloy is significantly less. A steel bar identical in volume to the standard 400 troy ounce gold bars commonly used in bank-to-bank trades would weigh only 162.5 troy ounces (about sixty percent lighter). Anyone familiar with handling gold bars would easily identify them as fake.
Even lead, a common heavy metal, is a poor substitute as it is only 59% the density of gold. One of the things that historically made gold so attractive to be used as money was its unmistakable density.
Nowadays we know of several metals that have similar densities to gold, such as the heavier platinum-group metals. However, using these metals to produce fake gold is unprofitable due to their high cost.
There are two metals that are suitable, from both a density and economic perspective, for manufacturing fake gold - uranium and tungsten.
These metals aren't without their give-aways either. Different chemical and electro-magnetic properties exist. Uranium is of course radioactive. Tungsten is extremely brittle - the exact opposite of gold. Additionally, tungsten has the highest known melting point of any non-alloyed metal at 3422 degrees Celsius, making it difficult to work with. However, it appears that at least one high-temperature furnace is producing gilded tungsten products.
A Chinese company called Chinatungsten is advertising imitation gold merchandise on its website. The following quote is taken directly from their Tungsten Alloy for Gold Substitution page:
"a coin with a tungsten center and gold all around it could not be detected as counterfeit by density measurement alone ... We are well accustomed to exploit more innovative applications of tungsten products. Gold-plated tungsten is one of our main products."
This raises a few (somewhat rhetorical) questions. What kind of customer is this company looking to sell its imitation gold products to and for what purposes are they intended? Furthermore, what exactly are the "more innovative applications of tungsten products" that this company is hinting at?
Geodex Minerals Ltd.("Geodex") announces that it has engaged Vicarage Capital Limited ("VCL") of London, England as agent to assist in the private placement of up to 15 million units of Geodex (the "Units") at $0.15 per Unit. Each Unit will be comprised of one common share and one half warrant. Each full warrant is exercisable into one additional Geodex common share at $0.25 per share for a period of 24 months from closing. Proceeds from the private placement will be used to advance the pre-feasibility study for Geodex's Sisson Brook project and for general corporate purposes.
VCL will receive a cash commission of eight percent (8%) of the proceeds which it raises and broker's warrants equal to eight percent (8%) of the number of Units which it places. The broker's warrants will be exercisable for a period of 24 months at a price of $0.15 per share. All securities issued on the proposed private placement will be subject to a four month hold period. Not more than 20% of the private placement will be subscribed for by non-arm's length parties. The private placement is subject to TSX Venture Exchange approval. The private placement will not result in a change of control of Geodex.
For full details and a complete copy of this release please visit the company website
Playfair Mining is pleased to announce the appointment of Michael Moore as a Director of Playfair. Mr. Moore's career in mineral exploration and development has spanned more than 20 years and he has been involved in exploration programs in North America, South America and Africa. Mr. Moore has extensive experience in precious, base and industrial metal exploration and has significant contacts in the mining industry throughout the world. He is a professional geologist registered with APEGBC and a graduate of Carleton University in Ottawa Canada. Mr. Moore is also a director and advisor to several public mining exploration companies.
The significance of this appointment is that Mr. Moore is very familiar with Rare Earth Element mineralization having worked Rare Earth projects in the past. Having his expertise as Playfair moves to become a significant player in the Rare Earth sector will be a valuable asset.
Despite current world economic instability, Playfair's management continues to be bullish on the long term prospects of both tungsten and Rare Earth Element prices. Playfair's recent acquisition of the Joy Rare Earth Element property in south central Labrador has strengthened and diversified Playfair's portfolio of strategic metal assets. Playfair is continuing to seek out new strategic metal projects to add to its exploration property portfolio.
Strategic metals are a group of metals including Tungsten, Rare Earths and other metals deemed to be imperative in the manufacture of certain vital products, such as motors & batteries in hybrid cars, consumer electronics, miscellaneous green energy technologies and military applications. In general, strategic metals have no practical substitute and with China controlling about 85% of the world Tungsten market and 95% of the world Rare Earth market, supply issues are a real concern. With China's recent moves to restrict, and in some cases ban the export of strategic metals, the rest of the world is moving to secure future supply of these crucial metals.
See the full details on the release by Visiting the companies website.
VANCOUVER, BRITISH COLUMBIA - North American Tungsten Corporation Ltd. (TSX: "NTC" or the "Company") is pleased to announce the appointment of Mr. Kenneth (Ken) W. Collison as a Director of the Company effective immediately.
Mr. Collison recently retired as COO of Thompson Creek Metals Company ("Thompson Creek") where he was instrumental in helping to build one of the World's largest Molybdenum Mining Companies from 2005 to 2009.
Prior to his position with Thompson Creek, Mr. Collison was Vice President and General Manager of Coeur d'Alene Mines Corp. from 1996 to 2000, responsible for all areas of the development of the 200,000 ounce per year Kensington Gold Mine. After receiving his B.Sc. in Mining Engineering and his Masters of Engineering in Mining from the University of Saskatchewan, Mr. Collison held management positions at several projects before joining Crandon Mining Corporation, a Rio Algom/Exxon Coal minerals partnership in 1994 as Vice President.
The Company welcomes Mr. Collison and his extensive mining background to the Board.
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TALKING TUNGSTEN September, 2009 In Conjunction with the International Tungsten Industry Association (ITIA) Annual general Meeting Vancouver, BC www.TalkingTungsten.com
Tungsten (W), also called Wolfram is a silver-grey metallic element with the highest melting point of any metal (3410° C). Tungsten has a high density, high strength at elevated temperatures and extreme hardness. It is able to withstand tremendous force at elevated temperatures, is highly resistant to corrosion and offers good thermal and electrical conductivity. Tungsten metal is the hardest of the refractory metals, while tungsten carbide is one of the hardest known substances.
Tungsten Uses
Hardness: Critical component of cutting tools used to drill or cut other metals, concrete or rock.
Temperature Resistance: Critical component of temperature sensitive and wear resistant machinery, in electronics electronics and as a contact point in electrical circuits.
High Density: Suitable as a weight or counterbalance in specific machinery applications.
Examples Metal fabrication tools, snow tyre studs, engine valves, LCD panels, TV tubes, laser printers, window heating wire, electrical switch gear, airplane flaps, mobile phone vibration systems, golf clubs and as an environmentally acceptable substitute for lead shot in cartridges.
Tungsten Production 45-55% Hardmetals 15-20% Steel Alloys 10-20% Mill Products 15-20% Chemical Industry
Pricing US$20,075/t (WO3 ore, as of September 29, 2008) Sources of Tungsten Prices: Metal Bulletin (UK) Platts Metals Week (USA)
Note Unlike the precious and base metals, there is no terminal market for tungsten. Trade is conducted , partially on undisclosed supply contracts between the primary producers, secondary processors and tertiary manufacturers, and partially via traders working both as agents and as principals.
