[2]China is taking measures to make sure they will be able to supply their domestic tungsten demand; but these measures have a few countries calling foul play.
In 2010, it is estimated that China will account for 37 percent of the world's tungsten consumption, and the nations thirst for the metal is showing no signs of slowing down. In order to meet their growing demand for minor metals, the country is once again curbing exports, a move for which they are already under investigation. At the current pace of exploration and production, China's resources of tungsten will last 20 years, and molybdenum[3] 100 years. The government will cap this year's output of tungsten at 80,0000 tonnes, antimony at 100,000 tonnes and rare earth[4] at 89,200 tonnes.
China's curbs on exports of some raw materials have triggered complaints by the European Union, U.S. and Mexico to the World Trade Organization (WTO). The WTO is currently investigating if China's export curbs lend an unfair advantage to domestic manufacturers. The nation in March said it stopped accepting applications for new mines to produce tungsten and antimony until June 2011. China holds approximately 50 percent of the world's known tungsten reserves.
Despite the current probe, the nation will continue to cut back shipment and production of minor metals to conserve resources and limit pollution, an official said. "Tungsten, molybdenum and vanadium[5] are mineral resources that give China an advantage and are non-renewable," according to Zhang Fengkui, division head of raw materials at the Ministry of Industry and Information Technology.
In China, the hard alloy sector uses the majority of the tungsten supply, accounting for 58 percent, or 14,504 mt of tungsten. It is forecasted that tungsten consumption by the local hard alloy sector will grow by 8 percent this year, reaching 15,660 mt, Meanwhile, China's specialty steel sector will be the second-largest tungsten consumer, devouring 5,907 mt in 2010, up from 5,791 mt last year. This would account for 22 percent of China's national tungsten consumption this year.
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Adex Mining tests Mount Pleasant plant for production Ticker Symbol: C:ADE
Adex Mining Inc (C:ADE) Shares Issued 96,526,026 Last Close 3/2/2010 $0.125 Wednesday March 03 2010 - News Release
Mr. Errol Farr reports
ADEX ANNOUNCES PILOT PLANT TESTING OF PROCESSING OPTIONS FOR ITS MOUNT PLEASANT PROPERTY
Adex Mining Inc. continues with the the process development options outlined in its recently filed National Instrument 43-101-compliant preliminary assessment report on the North zone of its wholly owned Mount Pleasant mine property, located in southwestern New Brunswick, Canada.
Two potential North zone production options resulted from the PA -- the production of tin concentrate, indium sponge and zinc metal, and the production of tin concentrate and zinc-indium concentrate.
Adex has engaged SGS Lakefield to perform bench scale performance and locked cycle testing for its tin concentrate and zinc-indium concentrate production option and has secured a spot with SGS for commencement in April of pilot plant operations.
As well, Adex has engaged Thibault & Associates Inc. of New Brunswick for pilot testing and continuing development of a comprehensive flowsheet of its hydrometallurgical process for the production of zinc metal and indium sponge metal.
Results from pilot plant test work, expected by mid-summer 2010, will, if positive, lead directly to a definitive feasibility study ("DFS"), which will initially run concurrently with the final stages of the pilot plant programs. Positive results from the DFS as well as government regulatory approvals and project financing are expected to lead to a production decision before the end of 2010.
Pending the developments referred to above, Adex expects to be positioned to construct an access decline and begin engineering and procurement of processing equipment by early 2011. Concentrator production is targeted for late 2011.
The PA, which is available at SEDAR, indicated pre-tax internal rates of return ("IRR") for the tin concentrate, indium sponge and zinc metal production option and the tin concentrate and zinc-indium concentrate production option of 28.87% and 23.49%, respectively. The PA also indicated an after-tax IRR of 22.55% for the tin concentrate, indium sponge and zinc metal production option, and an after-tax IRR of 18% for the tin concentrate and zinc-indium concentrate production option.
The PA and the economic analyses contained therein are preliminary in nature and contain "Inferred" mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PA will be realized with more detailed work. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
The Property hosts the tungsten-molybdenum bearing Fire Tower Zone ("FTZ") and the tin-indium-zinc bearing North zone. The FTZ is the site of a past-producing tungsten-molybdenum underground mining operation that produced and sold tungsten concentrate between 1983 and 1985.
FOR FURTHER INFORMATION PLEASE CONTACT: J. Errol Farr, CMA President, Chief Executive Officer and Director Adex Mining Inc. 1-866-508-2339 (ADEX) Email: investorrelations@adexmining.com Website: www.adexmining.com
Adex Mining tests Mount Pleasant plant for production
Adex Mining Inc (C:ADE) Shares Issued 96,526,026 Last Close 3/2/2010 $0.125 Wednesday March 03 2010 - News Release
Mr. Errol Farr reports
ADEX ANNOUNCES PILOT PLANT TESTING OF PROCESSING OPTIONS FOR ITS MOUNT PLEASANT PROPERTY
Adex Mining Inc. continues with the the process development options outlined in its recently filed National Instrument 43-101-compliant preliminary assessment report on the North zone of its wholly owned Mount Pleasant mine property, located in southwestern New Brunswick, Canada.
Two potential North zone production options resulted from the PA -- the production of tin concentrate, indium sponge and zinc metal, and the production of tin concentrate and zinc-indium concentrate.
Adex has engaged SGS Lakefield to perform bench scale performance and locked cycle testing for its tin concentrate and zinc-indium concentrate production option and has secured a spot with SGS for commencement in April of pilot plant operations.
As well, Adex has engaged Thibault & Associates Inc. of New Brunswick for pilot testing and continuing development of a comprehensive flowsheet of its hydrometallurgical process for the production of zinc metal and indium sponge metal.
Results from pilot plant test work, expected by mid-summer 2010, will, if positive, lead directly to a definitive feasibility study ("DFS"), which will initially run concurrently with the final stages of the pilot plant programs. Positive results from the DFS as well as government regulatory approvals and project financing are expected to lead to a production decision before the end of 2010.
Pending the developments referred to above, Adex expects to be positioned to construct an access decline and begin engineering and procurement of processing equipment by early 2011. Concentrator production is targeted for late 2011.
The PA, which is available at SEDAR, indicated pre-tax internal rates of return ("IRR") for the tin concentrate, indium sponge and zinc metal production option and the tin concentrate and zinc-indium concentrate production option of 28.87% and 23.49%, respectively. The PA also indicated an after-tax IRR of 22.55% for the tin concentrate, indium sponge and zinc metal production option, and an after-tax IRR of 18% for the tin concentrate and zinc-indium concentrate production option.
The PA and the economic analyses contained therein are preliminary in nature and contain "Inferred" mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PA will be realized with more detailed work. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
The Property hosts the tungsten-molybdenum bearing Fire Tower Zone ("FTZ") and the tin-indium-zinc bearing North zone. The FTZ is the site of a past-producing tungsten-molybdenum underground mining operation that produced and sold tungsten concentrate between 1983 and 1985.
GEODEX PROVIDES CORPORATE UPDATE AND STRATEGIC DIRECTION
Geodex Minerals Ltd. has released a corporate update on progress during 2009 and announce its strategic direction for advancing its flagship Sisson Brook tungsten-molybdenum project in New Brunswick.
Strategic direction for 2010
Geodex's business plan remains focused on advancing its flagship Sisson Brook tungsten-molybdenum project toward production and maintaining an aggressive portfolio of prospective exploration properties in New Brunswick. The company announced in Stockwatch the closing of a $1.1-million private placement financing on Jan. 29, 2010, and has implemented a number of measures to maximize the use of its treasury and focus its resources on advancing certain aspects of the Sisson Brook prefeasibility program.
TORONTO (miningweekly.com) – Canadian junior Adex Mining, which plans to produce tin, indium, zinc, and eventually molybdenum and tungsten, from its flagship New Brunswick property, is getting a lot of interest in all five metals from potential customers or partners in Asia , North America and Europe, CEO Errol Farr said on Friday.
The company is "intimately involved" in talking about offtake agreements and partnership arrangements, for both the first and second phases of the operation, he said in an interview at the company's Toronto headquarters.
Adex Mining Inc. is pleased to announce the filing of a National Instrument 43-101 ("NI 43-101") compliant preliminary assessment report (the "PA") on the North Zone ("NZ") of its wholly-owned Mount Pleasant Mine Property ("Mount Pleasant" or the "Property"), located in southwestern New Brunswick, Canada with the Ontario, British Columbia and Alberta securities commissions.
As reported in a press release issued by Adex on December 9, 2009 (Adex Mining Reports Indium, Zinc and Tin Production Options for Mount Pleasant North Zone), the results of the PA indicate that there are two potentially viable production options for the NZ, including the production of tin concentrate, indium sponge and zinc metal, and the production of tin concentrate and zinc-indium concentrate. Based on a 10-year projected life for the NZ and production rate of 850 tonnes per day, the PA shows pre-tax internal rates of return ("IRR") for the tin concentrate, indium sponge and zinc metal production option and the tin concentrate and zinc-indium concentrate production option of 28.87% and 23.49%, respectively.
The press release issued by Adex on December 9, 2009 indicated an after-tax NPV and IRR for tin concentrate, indium sponge and zinc metal production option of $54.2 million and 23.94%, respectively, and an after-tax NPV and IRR for tin concentrate and zinc-indium concentrate production option of $21.5 million and 19.3%, respectively. A modification to the tax computation structure resulted in the reported after-tax values being slightly higher than the values currently indicated in the PA. The PA indicates an after-tax NPV and IRR for the tin concentrate, indium sponge and zinc metal production option of $47.2 million and 22.55%, respectively, and an after-tax NPV and IRR for the tin concentrate and zinc-indium concentrate production option of $18.1 million and 18.0%, respectively. The pre-tax NPVs and IRRs are, however, consistent between the press release issued by Adex on December 9, 2009 and the PA. Adex's position is not materially affected by the changes in the after-tax results.
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Toronto – January 12, 2010 – Adex Mining Inc. ("Adex" or the "Company") (TSX-V: ADE) is pleased to announce it has successfully developed a process for the production of a high purity indium at its Mount Pleasant Mine Property ("Mount Pleasant" or the "Property"), located in southwestern New Brunswick Canada.
Adex overcame a major hurdle at the close of 2009 by producing the first few grams of indium in its bench scale hydrometallurgical process (the "hydromet process") development program. "I am very optimistic," stated Errol Farr, Adex President and CEO. "It doesn't seem like much when you hold it in your hand, but this little nugget sized piece of indium represents the promise of Adex's success at Mount Pleasant. The potential to produce and direct market a high grade indium product would put Adex in a unique position amongst junior mining companies."
The bench scale process development work completed to date indicates that the unique hydromet process technology is capable of producing indium in excess of 88% purity. Bench scale optimization of process chemistry to confirm design parameters for the hydromet pilot plant testwork is ongoing.
Adex Announces the Completion of a Private Placement of Units Consisting of One Flow-Through Common Share and One Half of One Common Share Purchase Warrant Raising $1,009,040
Toronto – December 30, 2009 – Adex Mining Inc. ("Adex" or the "Company") (TSX-V: ADE) is pleased to announce that it has raised $1,009,040 through a private placement completed today of 8,408,665 units (the "Units") at a price of $0.12 per Unit (the "Offering"). Each Unit is comprised of one flow-through common share of Adex (a "Flow-Through Share") within the meaning of the Income Tax Act (Canada) and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder thereof to acquire one common share of Adex at a price of $0.175 at any time prior to 5:00 p.m. (Toronto time) on the first anniversary of the date of the closing of the Offering and at a price of $0.20 at any time following 5:00 p.m. (Toronto time) on the first anniversary of the date of the closing of the Offering and prior to 5:00 p.m. (Toronto time) on the second anniversary of the date of the closing of the Offering at which time any unexercised Warrants will expire.
On the closing of the Offering, First Canadian Securities, a division of Limited Market Dealer Inc., ("First Canadian") was paid a cash finder's fee of $19,000 representing 2% of the gross proceeds of the Offering raised through the subscriptions by members of the MineralFields Group of Companies for an aggregate of $950,000 of Units. In addition, First Canadian was issued irrevocable and non-transferable finder's fee options (the "First Canadian Finder's Fee Options") to purchase 554,166 finder's fee units (the "Finder's Fee Units") (equal to 7% of the 7,916,665 Units sold pursuant to the Offering to members of the MineralFields Group of Companies) at a price of $0.12 per Finder's Fee Unit at any time prior to 5:00 p.m. (Toronto time) on the second anniversary of the date of the closing of the Offering. Each Finder's Fee Unit will consist of one common share and one-half of one Warrant. Kingsdale Capital Markets Inc. ("Kingsdale") was paid a cash finder's fee of $600 representing 2% of the gross proceeds of the Offering raised through subscriptions arranged for by Kingsdale. Kingsdale was also issued irrevocable and non-transferable finder's fee options (the "Kingsdale Finder's Fee Options") to purchase 262,499 finder's fee units (the "Finder's Fee Units") (equal to 3% of the 7,916,665 Units sold pursuant to the Offering to members of the MineralFields Group of Companies and 10% of the 250,000 Units sold to subscribers arranged for by Kingsdale). The Kingsdale Finder's Fee Options have terms identical to those of the First Canadian Finder's Fee Options
Adex will use the gross proceeds from the Offering to incur exploration expenditures which are eligible as Canadian Exploration Expenses under the Income Tax Act (Canada).The exploration expenditures will be made to advance development of the Company's wholly-owned Mount Pleasant Mine Property located in New Brunswick, Canada.
"We are very pleased to be commencing a relationship with MineralFields Group", said Errol Farr, the President and Chief Executive Officer of Adex. "This is an important milestone in the growth of Adex and we look forward to working with MineralFields Group as we advance the development of our wholly-owned Mount Pleasant Mine Property located in New Brunswick, Canada."
Geodex Minerals Ltd. (TSX-V:GXM), ("Geodex") announces that it has been unable to close its financing, announced on November 4, 2009, before the holiday season. Geodex has therefore suspended the financing until the New Year and will re-announce the financing in the context of the market.
Geodex Minerals Ltd. has received an updated independent National Instrument (NI) 43-101 compliant mineral resource estimate for its Sisson Brook tungsten-molybdenum deposit in New Brunswick. It incorporates 4,900 metres (m) of new drilling carried out this summer. The drilling was successful in reaching its objectives, including the primary purpose to upgrade a significant portion of the inferred resource to the measured and indicated resource category for use in the upcoming prefeasibility study (described later in this news release). The measured and indicated resource tonnage increased by 31 per cent with a slightly higher grade at the mid-range category (0.125 WO3 per cent equivalent threshold). The mineral resources are not mineral reserves, as economic viability has not yet been demonstrated. Full results are on the company's website.
Oriental Minerals Inc. (OTL: TSX-V) (the "Company") is pleased to announce that it has completed a partially brokered private placement of 82,500,000 units (each a "Unit") at a price of $0.08 Canadian per Unit, generating gross proceeds of CAD$6.6 million (the "Placement"). Each Unit comprises one common share and one half of one purchase warrant (each a "Warrant"), with each whole Warrant exercisable into one common share of the Company at a price of $0.12 Canadian until December 17, 2011. The placement was brokered by GMP Securities Europe LLP ("GMP") of London, UK, with the assistance of Westech International Pty Ltd. ("Westech"), on a best efforts basis and was primarily made to investors in the United Kingdom and Australia.
A cash commission of 8% of the proceeds raised has been paid which was split 75%/25% between GMP and Westech respectively. The Company also issued 16,500,000 broker's warrants, having the same terms as the Warrant, representing 20% of the Units placed, which is split 30%/70% between GMP and Westech respectively.
All of the securities issued pursuant to the Placement are subject to a four month hold period expiring on April 18, 2010.
US$1 million of the proceeds from the Placement will be used to secure the Company's 51% interest in the mineral title for the Sangdong property by making a final payment to the Korean vendor, with 49% being held in trust for the vendor pending the tabling of a bankable feasibility study, at which time the vendor will surrender its 49% interest and retain only a net smelter royalty of 2%. The balance of the proceeds will be used to facilitate work on the ground in Korea to advance its Tungsten and Molybdenum project at Sangdong, the gold project at Muguk, and for general working capital.
Wardrop Engineering, a reputable Canadian engineering company, has built a model using the results of the Company's current, and the historical owners' prior, drilling campaigns at Sangdong, from which the Company has identified targets for further drilling to provide the requisite data to better define the resource and allow the Company to complete and issue a Preliminary Economic Assessment Report. It is envisaged that further funding will be required to complete infill drilling to better understand the extent of the mineralization, allow further modeling and engineering studies to define the most economical process routes, and to take the Sangdong tungsten/molybdenum project through the Pre-, and Bankable-, Feasibility Study phases.
Concurrent with the Placement, the Company has engaged Westech to manage the Company, as a result of which Mr. Brian Wesson will assume the roles of President & Chief Executive Officer and Ms. Amelia Wesson will assume the role of Vice President Administration. Mr. Fodie, the current President & CEO will remain with the Company in the role of Chief Financial Officer.
"I am extremely pleased to have been able to complete this financing in such difficult financial markets, which is an indication of the value of the rights Oriental holds in Korea, in addition to the experience Westech brings to the Company" Mr. Fodie stated. "Westech brings extensive skills and knowledge in the design and redeveloping of mines and projects that are critical to successfully re-developing the Sangdong property into a significant tungsten supplier to Korea and the world."
"We are excited to be leading Oriental into this new phase of its evolution" said Mr. Brian Wesson, President of Westech. "In addition to Sangdong, historically one of the world's largest known tungsten deposits, and Muguk, historically Korea's largest gold mine, there are a number of other projects containing molybdenum, lead, zinc, uranium and vanadium, and potential acquisition targets, that make Oriental a very exciting Company to be developing."
About Oriental Minerals Oriental Minerals is focused on developing world-class mining projects in South Korea. The company is working on proving up its flagship Sangdong tungsten-molybdenum project which was formerly one of the largest tungsten mines in the world.
Teck Resources Ltd. has not elected to exercise its option to acquire an interest in Geodex Minerals Ltd.'s Mount Pleasant West project in New Brunswick. In total, Teck provided $2.5-million in financing for exploration programs on the Mount Pleasant West project which were completed in 2009. Five hundred thousand dollars of the financing was provided under a convertible grid promissory note which Teck has agreed to convert into two million Geodex units at a deemed price of 25 cents per unit. Each unit consists of one common share and one Geodex warrant. One full Geodex warrant will be exercisable into one additional Geodex common share at 25 cents per share for two years. All securities issued in connection with the Teck debt settlement will be subject to a four-month hold. The debt settlement is subject to TSX Venture Exchange approval.
Geodex holds the Mount Pleasant West project in south-central New Brunswick through an extensive land position of approximately 20 kilometres by 10 km acquired by independent staking and option agreements. The project is located adjacent to the Mount Pleasant mine property (owned by Adex Mining Inc.) and is prospective for a variety of granite-related deposits of molybdenum, tungsten, tin and indium. Geodex began exploring at Mount Pleasant West in 2005, focusing on evaluating historical showings, soil geochemical anomalies and mineralized float discoveries which had not been systematically tested. During the agreement term with Teck there were a series of surface exploration programs consisting of prospecting, soil geochemistry and geophysical surveys followed by trenching and diamond drilling. To date, more than 55 holes have been drilled totalling over 11,000 metres. This drilling has returned mineralized intersections, typically related to veins or chlorite-altered lodes associated with granitic dikes or sills. Geodex's exploration modelling is based on the belief that these features represent the upper-level expressions of potential deposits at depth -- a situation analogous to that at the Mount Pleasant mine.
Geodex will review the Mount Pleasant West project to determine the most effective strategy in 2010......
ADEX MINING REPORTS INDIUM, ZINC AND TIN PRODUCTION OPTIONS FOR MOUNT PLEASANT NORTH ZONE
Adex Mining Inc. has released the results of a new preliminary assessment (PA) on its wholly owned Mount Pleasant mine property, located in southwestern New Brunswick, Canada. Mount Pleasant is the site of a past-producing tungsten-molybdenum underground mining operation, which operated during the 1980s. This PA is a preliminary technical and economic assessment of the production of tin, indium and zinc products from the North zone (NZ) of the property.
The results of the PA indicate that there are two viable production options for the NZ, including the production of tin concentrate, indium sponge and zinc metal, and the production of tin concentrate and zinc-indium concentrate. Based on a 10-year project life and production rate of 850 tonnes per day, the PA shows pretax internal rates of return (IRR) for the tin concentrate, indium sponge and zinc metal production option, and the tin concentrate and zinc-indium concentrate production option of 28.87 per cent and 23.49 per cent, respectively, as shown in the table entitled, "Internal rates of return."
INTERNAL RATES OF RETURN
Option 1 -- Option 2 -- production of production of tin concentrate, tin concentrate indium sponge and zinc-indium and zinc metal concentrate
Pretax IRR 28.87% 23.49% After-tax IRR 23.94% 19.30% After-tax net present value (NPV) (discounted at 8 per cent) $54.2-million $21.5-million Preproduction capital $71.1-million $41.2-million Production rate (tonnes per day) 850 850
"These are exciting times for Adex," said Errol Farr, president and chief executive officer of Adex. "The PA results reinforce Adex's plans for piloting the concentrate and metals flowsheets as a next phase leading to definitive feasibility and production. The NZ development is an integral part of Adex's overall strategy for producing tin, indium, zinc, tungsten and molybdenum from the resources at the property."
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
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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.
