China tungsten carbide powder prices are stable at present, and the trading volume is small in the spot market. The demand from the downstream customers does not recover obviously, and it is expected that the tungsten carbide powder market will be quiet in a short time.

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Colt Resources Inc. ("Colt" or the "Company")  is pleased to announce the execution of a binding letter of intent ("LOI") to purchase the property known as Passa Frio within the Company's recently awarded Tabuaço experimental mining license that includes the Tabuaço (São Pedro das Águias) and Aveleira tungsten deposits in northern Portugal, for the purposes of planning the Company's future mining operations. Passa Frio is mostly vacant land of approximately 1,000,000 m². The property was carefully selected after a thorough trade-off evaluation and review of several possible locations to establish the necessary surface mining infrastructure, namely the processing plant, dams, dumps and adjoining warehouses, and is zoned to permit such construction. The property is situated away from residential areas such that it is mostly unnoticeable from the surrounding roads and nearby villages.

Over the next months, the Company will survey the property in detail to verify legal title. The LOI locks up the property while the Company completes its survey. Following the survey, Colt has a three-year option to enter into a final purchase and sale agreement with the owners of Passa Frio. Colt will pay €100,000 for the three-year option and an additional €350,000 to purchase the property by the end of the third year should the Company decide to exercise the option to purchase Passa Frio.

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There are fierce competitions in tungsten carbide market. Although tungsten carbide is still the main material for making cutting and mining tool, part of tungsten carbide’s application field face the danger of being replaced by adamas. Homogenization degree of tungsten carbide products is high among domestic manufacturers while technological level of domestic manufacturers is relatively low  compared with foreign counterparts. For the time being, it is still impossible to make large-size tungsten carbide product domestically except only small-size bars and boards. The technological gap won’t be filled in the short run.

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Canadian-based mineral-resource company Northcliff Resources Ltd. (TSX: NCF) released the results of a feasibility study this week for its Sisson Tungsten-Molybdenum Project, which elevated the undeveloped deposit to one of the largest tungsten deposits outside of China.Located in New Brunswick ,Canada, the deposit holds 334 million metric tons of proven and probable reserves containing 22.2 million metric tons of tungsten trioxide and 154.8 million pounds of molybdenum at a net smelter return of $8.83 per ton, the company said. The mine life stands at 27 years.

“This is a significant development for Atlantic Canada,” said Chris Zahovskis, president and chief executive officer of Northcliff. “The fact that this project contemplates building an ammonium paratungstate plant, which would represent the first such plant in Canada, and this plant certainly has the opportunity to add value to the project.“I think it has the opportunity to be catalyst for further economic growth in the province of New Brunswick, and I think that’s a very positive thing.”Zahovskis pointed out that China, responsible for over 80% of the world’s tungsten supply, has restricted the export of tungsten.

“China has already stopped exporting tungsten ores and tungsten concentrates for many years so that move is what caused the spike of tungsten prices running up from late 2010 through 2011,” Zahovskis said. “It peaked at a historic high of $470 per metric ton and that was in response to China being very honest and saying ‘hey look, we’re going to look after our domestic needs,’ and I’ve attended tungsten conferences where they reiterate that point.”

While China holds an abundance of tungsten that it will not export, there is still global demand for the metal.“So as a result, the rest of the world does need tungsten, most notably continents like Europe, North America and Japan  and they’re looking for somewhere to get long-term tungsten,” Zahovskis said. “So we think that having a deposit like Sisson, situated where it is, close to deep-water ports with good infrastructure, not only can supply that but is actually a strategic asset when you look at it in the long term.”

The company is moving toward beginning construction in 2014 and commissioning by 2016. It will be filing an Environmental Impact Assessment to both provincial and federal governments in the coming weeks.Northcliff is also actively soliciting interest from certain parties looking to become joint-venture partners.“For a company of our size, the capital build is significant, just under $600 million,” Zahovskis said. “It’s still modest by most mining standards I would say, but it’s a big number nonetheless for a company like Northcliff.”Zahovskis also sees positives coming out of discussions with banks in terms of financing.“There are other large tungsten projects that have secured or are in the process of securing financing,” Zahovskis said. “So we see that as a positive action because there is recognition that tungsten does have a bright future.”

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