Dec 11
1
The company has been flying under most radars but the last two press releases suggest this can change for the better in 2012:
1) Successfully completed extensive field program comprised of drilling and environmental data collection to provide input to the Feasibility Study and Environmental Impact Assessment.
2) Draft Terms of Reference for conducting the EIA was issued by the Federal government and after a public review period, the final version is expected before the end of 2011.
3) All engineering consultants are firmly engaged on the studies and both FS and EIA are still forecast to be completed by Q3 2012.
4) Tungsten prices remain strong and the outlook for the next 2-3 years is still a very tight market.
1) The summer drilling (above) included 15 large diameter holes from various parts of the deposit whose purpose was to form a 35 tonne sample for feasibility study level metallurgical testing. The average weighted grade of significant intersections reported here is 0.106% WO3 and 0.025% Mo. These results compare favourably with the average grades of 0.094% WO3 and 0.031% Mo contained within the 43-101 compliant estimate of 177.4 Mt of measured and indicated resources (see Northcliff News Release dated June 7, 2011)[1].
2) Other drilling completed included holes for: hydrogeological data collection, resources exploration and further delineation, pit and site infrastructure geotechnical data collection. Analytical results from these holes are still pending and the information will be used to update the resource model and advance the Feasibility Study.
[1] Reported at a 0.100% WO3 equivalent threshold using metal prices of US$9/lb for WO3 and US$15/lb for Mo and recoveries of 70% for WO3 and 85% for Mo.
