GMA Resources has conditionally agreed to acquire a 90% participatory interest in the charter capital of joint venture Kazakh-Russian Mining Company.

KRMC is party to two subsoil use contracts in respect of two molybdenum and tungsten deposits in northern Kazakhstan - the Drozhilovskoye molybdenum-tungsten deposit in Denisovski rayon of Kostanai oblast and the Smirnovskoe molybdenum-tungsten-copper deposit in Karabalyksky rayon, also of the Kostanai oblast.

The consideration of £40m will be satisfied through the issue of 148,320,720 B shares by the bompany to Lother Enterprises Limited or, at the vendor's request, to Bergfolk Corporation, Strathland Enterprises Limited and Hanson Central European Fund LP.

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With the warm weather and rain, the area lakes lost between 3 to 5 inches of ice. However, there is still enough ice for walking conditions on the small, shallow lakes and bays. Luckily the snow totals were light enough not to insulate the ice for the next few days of cold weather to help improve ice thickness. Use caution around any area where there are springs, current and near marshy areas. I would not recommend venturing out over the main bodies of deep lakes. Bring along safety equipment including: spud bar, ice picks, throw cushion with rope and a life jacket.

Fishing reports have been inconsistent with the constant weather changes. Fish have been biting, although the "bite windows" have been smaller.

Bluegills were caught around weeds in 8-15 feet, along with deeper water 20-30 feet. Often they will be found near the bottom. Small No. 16 to No. 14 ice jigs must be used to entice gills. Tungsten-style ice jigs worked best for gills in deep water, while Ratfinkees, Moon jigs, Marmooskas and tear drops caught fish in shallower water. Wigglers have been the best bait for finicky fish, with waxworms, spikes and plastics also taking gills. A spring bobber must be used to detect bites.

Crappies were found suspended over various depths. Use your flasher to locate the schools and place your bait above the school. Early morning or just before dusk are the best times. Jigging with a Lil Cecil, Swedish Pimple or Forage minnow took aggressive crappies. An ice jig with a wiggler, waxworm or ice plastic also produced. A tip-down or tip-up rigged with a No. 14 treble hook, light line and a small fathead, rosy red or lake shiner worked for finicky crappies.

Perch were found on the bottom in various depths. A Swedish Pimple, Hali, Ratfinkee or tungsten-style ice jig with multiple spikes produced. A tip-up rigged with a 4-pound fluorocarbon leader, No. 12 or No. 14 treble, hook and baited with a small golden or lake shiner minnow has worked well.

 

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Due to SEC (The Security and Exchange Commission) regulations, specifically section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, conflict mineral statuses need to be determined and reported. Access to this information is quickly becoming imperative; in the electronics industry alone, the SEC has estimated the impact of conflict mineral regulations to be over $3 billion dollars.

SiliconExpert's Database, containing data on millions of parts, reveals that nearly 25% of electronic parts contain at least one of the four minerals. Specifically, Passive parts lead the product categories with nearly 30% of all passives potentially having conflict minerals. Following Passives include Semiconductors at 28%, Interconnects at 25%, and Electrical and Electronic Components at nearly 19%.

The top ten products containing one of the four minerals include: MEMS Oscillators, Connector Headers and PCB Receptacles, Connector Card Edge, Capacitor Tantalum Solid, SMD Crystal Oscillator, Resistor Fixed Single-Surface Mount, Resistor (Trimmers, Potentiometer and Rheostat), Switch Push Button, Resistor Fixed Single-Through Hole, and Switch Slide. Six of the top ten are Passives, two are Interconnects, and two are Electromechanical from the category Electrical and Electronic Components.

Only 52% of parts potentially containing conflict minerals have a published conflict mineral status and these parts come from only around 15% of suppliers. Of the suppliers who have a published status, 37 are listed as conflict free, 40 are listed as in progress, and 4 are listed as not clear. Only 30% of parts containing tin, tungsten, tantalum, and gold are confirmed as conflict free minerals.
 

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Vital Metals is advancing towards the completion of a Definitive Feasibility Study at its Watershed Tungsten Project in Queensland, where it has the backing of Japan Oil, Gas and Metals National Corporation (JOGMEC).

The DFS is slated for completion in the March quarter of 2013, with Vital’s end goal being production by 2014. Vital Metals had a cash balance of $2.4 million as at 31 December 2012.

The Indigenous Land Use Agreement which provides for the development of the Watershed mine was registered with the National Native Title Tribunal in December, marking another project milestone.

Environmental approvals outstanding, all of the major requirements needed for approval of the mining leases are now in place.

Farm-in partner Japan Oil, Gas and Metals National Corporation (JOGMEC) continued to contribute to the cost of the DFS study during the quarter.

JOGMEC has now remitted $4.41 million, including an $800,000 payment, in total to Vital for costs incurred for the Watershed DFS since committing to the farm-in in August 2011.

DFS progress

Work completed during the December quarter included metallurgical, plant design (engineering), environmental permitting and approvals.

Guangzhou Research Institute of Non-ferrous Metals has finalised variability test work on the Whole of Ore samples which has confirmed the stability of the process.

The Whole of Ore process achieved consistent mass and metal stability in producing a scheelite concentrate of 65.5% WO3 for a recovery of 84%.

As Vital is using an X-Ray ore sorter on the processing front end, which effectively halves the amount of ore which needs grinding by rejecting un-mineralised rocks, the net recovery of scheelite is expected to be around 78%.

Guangzhou has started work on the optimisation of the dosage of flotation reagents to find the balance between scheelite recovery and minimisation of operating costs of the Whole of Ore process.

Vital Metals has also retained Guangzhou to undertake a flotation program on the gravity spiral tails, which is scheduled for completion in the March quarter 2013.

Once this is completed, a full analysis of the costs and benefits of the respective processes will be assessed and a process will be nominated.

Work on completing the Environmental Management Plan progressed during the December quarter with the final remaining item being the management of waste from the mining and processing operations.

Vital Metals, in consultation with the Department of Environment and Heritage Protection, has agreed to remove the tailings dam from the project and will instead be producing a “dry process residue” which will be dumped within the waste dump.

Watershed exploration

Exploration mapping undertaken during the December quarter has returned high grade tungsten rock chip samples from the Mt Elephant and Henry Hill prospects.

The Mt Elephant tungsten prospect is located on the south western side of Mt Elephant.

Samples of three veins with visible scheelite mineralisation were taken and sent for multi-element analyses to ALS in Townsville.

In two of the three rock chip samples, WO3 concentration exceeded 3.78% with the highest rock chip sample reporting 4.14% WO3.

Further detailed mapping will be undertaken to identify the source for the anomalies on the northern and southern side of Mt Elephant.

The Henry Hill prospect is situated directly next to a well maintained gravel road parallel to McLeod River which is about 10 kilometres north of the Mulligan Highway.

Two rock chip samples were taken from the main trench at Henry Hill and sent to ALS in Townsville for multi-element analyses. The rock chip samples reported 1.19% WO3 and 0.05% WO3.

The geochemical sampling program at Henry Hill identified a strong but localised anomaly along the strike of the main trench vein, with the anomalous zone along the soil sampling having a width of around 400 metres.

Analysis

Vital and its investors will soon have a clear indication of the value of the Watershed Project, which ranks in the top 10 unexploited tungsten deposits worldwide outside of China, through the delivery of the DFS.

The DFS is slated for completion in the March quarter of 2013, with Vital’s end goal being production by 2014.

Interest in Watershed is high, with five Japanese companies having already declared their interest in the project as potential partners and offtake buyers.

Proactive Investors considers Vital to be undervalued based on the potential price driving announcements to be released in 2013.

 

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