PERTH (miningweekly.com) – ASX-listed Tungsten Mining has agreed to acquire the Australian tungsten exploration assets of Hazelwood Resources, including the Mt Mulgine and Bug Hill projects.
The projects jointly represent a tungsten inventory of 88.2-million tonnes, at 0.17% tungsten, for more than 150-million tonnes of contained tungsten.
Under the terms of a letter of intent inked this week, Tungsten Mining would acquire the project areas for A$1-million in cash and the issue of five-million fully paid ordinary shares.
The shares would be subject to a 12-month voluntary escrow period.
The completion of the sale and purchase agreement would be subject to the completion of a due diligence investigation.
Tungsten Mining said on Monday that the board would also assess future funding requirements in conjunction with the due diligence process, including refining the broader strategic plan for the company, as well as defining work programmes and budgets for the newly acquired projects.