Bestway International (HKG:0718) has signed an agreement for the acquisition of mining licences for tungsten deposits in Mongolia at a total consideration of $940 million.
Upon completion of the acquisitions, Bestway International will become engaged in mining business of the resources or reserves of tungsten in the two target mines.
NEW BRUNSWICK ? Ores from the Mount Pleasant mine belonging to Toronto-based *Adex Mining* respond well to gravity pre-concentration in metallurgical tests. Theformer mine 80 km south of Fredericton has two distance ore types: tungsten-molybdenum mineralization in the Fire Tower zone and tin-indium-zinc mineralization in theNorth zone.
The results of bench-scale gravity and flotation tests were used in the design of the proposed flowsheet. Batch tests combined with computer modeling indicated that a 25.6% WO3 concentrate can be made with a tungsten recovery rate of 83.3%. The findings also indicated that modifications to the flowsheet will be needed for the optimum production of tin concentrate.
Separately, Adex commissioned leaching tests on the tungsten gravity concentrate. In bench tests employing a bake/leach/single-stage autoclave process, tungsten recovery was in the range of 95% to 99%. The results will be used to assess the possibility of producing ammonium paratungstate, used in the production of tungsten carbide.
For three years in the mid-1980s, Billiton (now part of *BHP Billiton*) produced tungsten at Mount Pleasant. A few photos are posted at www.AdexMining.com .
ADE- TSX.v
Canadian Mining Journal Reports
by Paul Hayes
Newcrest Mining may become a player in the world tungsten market after revealing what it has called a deposit of ?world significance.?
Speaking at the release of the company?s June production report, Newcrest director Ian Smith said that the resource estimate for the O?Callaghans tungsten deposit near its Telfer gold mine in Western Australia is around 60 million tonnes.
The discovery will be of particular interest in China.
With up to 60% of the world?s tungsten resources China is the dominant player in the global market and may bid for the O?Callaghans deposit to maintain its standing.
According to Smith, Newcrest is open to taking advantage of the situation and the company is already in talks with companies in China who are very interested in O?Callaghans.
?There is no shortage of people interested in what is a world-class deposit outside of the control of the country that now dominates that whole industry,? Smith said.
?Some of the companies to have shown interest have also been from Japan and northern Europe.
?What we are confident of is that we are sitting on a pretty important and strategic resource.?
Newcrest also reported its June quarter gold production was 397,826 ounces, up 9% on the previous quarter, but down from 435,120 ounces a year earlier.
The production results took the company?s annual gold output to 1.63 million ounces for the financial year, which remained in line with previous guidance of 1.62 million ounces.
Largo Resources Ltd. has agreed to sell 5.1 million flow-through units at a price of 10 cents per unit. Each unit will comprise one flow-through common share and one-half of one share purchase warrant. Each warrant shall be exercisable for one common share at a price of 15 cents at any time prior to the date that is 18 months from the date of issue.
Upon closing of the financing, Largo shall pay First Canadian Securities a 6-per-cent cash finder’s fee and 180,000 compensation options. Each compensation option will entitle First Canadian Securities to acquire one compensation unit at a price of 10 cents per compensation option exercised at any time prior to the date that is 18 months from the date of issue. Each compensation unit shall comprise one non-flow-through common share and one-half of one warrant.
Closing of the offering is anticipated to occur on or before July 30, 2009, and is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange.
The flow-through shares will be subject to resale restrictions for a period of four months plus one day from the closing date.
The gross proceeds from the offering will be used for eligible Canadian exploration expenses that qualify as Canadian exploration expenses (as defined in the Income Tax Act (Canada)) and will be renounced for the 2009 taxation year.
For Full release see www.LargoResources.com
LGO TSX.v
*July 24, 2009*
North American Tungsten Corporation Ltd. (the “Company”) is pleased to announce that it has negotiated a Private Placement of 40,000,000 common shares at a price of CAD$0.15 per share with insiders and private investors for proceeds of CAD$6,000,000, subject to regulatory approval. The proceeds of the private placement will be used for repayment of the US$3,000,000 convertible debenture and the balance for working capital. The Private Placement is subject to regulatory approval.
The Company further announces the renewal and increase to its credit facilities with HSBC (“Bank”). The completed credit facility renewals and increases include;
for full release Click Here
North American Tungsten NTC – TSX,v www.NorthAmericanTungsten.com