Feasibility Study Pegs Northcliff's Sisson Tungsten Project Holding 334 Million Metric Tons Reserves
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- Category: Tungsten's News
- Published on Monday, 04 February 2013 11:28
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Canadian-based mineral-resource company Northcliff Resources Ltd. 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.”
Northcliff Looking To Hire Locally, Keeping Strong Relations With First Nations
New Brunswick’s unemployment rate has been dipping in the last few months, reaching 10.8% in December, but it remains more than 3 percentage points higher than Canada’s 7.3% unemployment rate for December.
Northcliff will be focusing on hiring locally, aiming for 300 workers to operate the mine and as high as 500 workers during the construction phase.
“New Brunswick is a very depressed area from an employment standpoint. There are a lot of people here with good skills and good trades backgrounds who cannot find jobs and are working in the oil sands,” Zahovskis said. “There’s no reason to think that we can’t attract 300 people in this area.”
The Sisson Project also offers workers the rare opportunity to work near home as the project is located 100 kilometers away from Fredericton, New Brunswick’s capital city.
There are several operating mines within the province, so there is a presence of skilled workers.
Zahovskis also stressed the importance of the company’s relationship with First Nation’s communities and their inclusion in many aspects of the project.
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Northcliff’s Sisson Tungsten Deposit Containing 22.2 Million Metric Tons of Tungsten Trioxide
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- Category: Tungsten's News
- Published on Monday, 04 February 2013 10:30
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Chinatungsten reported that Northcliff Resources Ltd’s results of the Sisson Tungsten Project feasibility study puts it as one of the largest, outside of China, with 334 million metric tons of reserves containing 22.2 million metric tons of tungsten trioxide.
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.
Tungsten Manufacturer & Supplier: Chinatungsten Online - http://www.chinatungsten.com
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Trulock Gun Chokes – Using with Tungsten Alloy Shot
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- Category: Tungsten's News
- Published on Friday, 01 February 2013 14:23
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When it comes to selecting after-market shotgun chokes for your favorite hunting, trap, skeet or competitive gun, Trulock Chokes has offered shotgun shooters the highest quality shotgun choke tubes that guarantee increased accuracy and patterning, since 1982.
Improvement in shotgun patterning with Trulock chokes, is nothing short of remarkable. Pattern improvements from 40-50 percent on target, can go to 80 percent plus on target! For big game, small game, upland bird/waterfowl hunters, target, and for competitive shooters, Trulock Gun Chokes deliver.
Newest introductions include,a full line of shotgun chokes for the CZ lineup of shotguns; a full assortment of new chokes for the Federal #7s; a Trulock Brn DS style; and a new 3-pack set of Waterfowl Hunting choke tubes.
What chokes do I use with tungsten alloy shot?
Tungsten Alloy Shot:
There are several different alloys available. These can vary to a large degree in their level of hardness. When using factory chokes I suggest you use nothing tighter than full choke unless it is approved for tungsten shot.
As a general rule most Trulock chokes are rated for Hevi Shot, Hevi 13, Federal Heavyweight and Winchester Hi Density tungsten alloys.
Tungsten Alloy Manufacturer & Supplier: Chinatungsten Online - http://www.tungsten-alloy.com
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Tungsten Market View about Vital Metals Updates
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- Category: Tungsten's News
- Published on Friday, 01 February 2013 15:53
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Vital Metals – Quarterly report updates on Tungsten and gold projects
Vital Metals have updated the market on progress at the Watershed Tungsten and Doulina gold projects.
Test work on tungsten ore from Watershed appears to confirm the stability of the production process.
Tungsten scheelite ores are relatively simple to process but the process still needs to be confirmed for the production of a DFS and the application for bank or other finance.
Other elements in place such as the Indigenous Land Use Agreement are in place and exploration looks encouraging.
Doulina: drilling is on going at Doulina.with results expected at end March while column leach test work appears to show 90% gold extraction within a 30 day leach test.
Drill intersections and gold grades show good potential and while the resource is small further resource expansion should be seen from more drilling.
The company reports net cash of A$2.4m at the end of 2012.
Conclusion: Vital Metals is making steady progress towards the potential development of the Watershed Tungsten mine. Drilling at Doulina could turn up encouraging gold results and gives upside potential in Burkina Faso. While progress must appear slow to investors the company has preserved its cash position through tough market conditions and appears well positioned for recovery.
Tungsten Manufacturer & Supplier: Chinatungsten Online - http://www.chinatungsten.com
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North American Tungsten Comments on Fiscal 2012 Results
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- Category: Tungsten's News
- Published on Friday, 01 February 2013 13:56
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North American Tungsten ("NTC" or "the Company") announces a net loss of $9.9 million or $0.04 per share for its fiscal year ended September 30, 2012 ("fiscal 2012") compared to a net loss of $15.5 million or $0.07 per share for the prior fiscal year ("fiscal 2011").
Fiscal 2012:
Revenue $107.5 million - up 93% from fiscal 2011
Cash flow from operating activities $21.1 million -- improved by $33.9 million from fiscal 2011
Underlying net income before impairment - $6.3 million or $0.03 per share, improved by $21.8 million from fiscal 2011
Net loss $9.9 million or $0.04 per share -- is after amortization, depreciation and impairment charges of $36.1 million
Fiscal 2012 results include a $16.2 million non-cash impairment charge to write-down assets as required by IFRS accounting rules. Excluding this and other non-cash charges, including depreciation, EBITDA 1 was $30.3 million in fiscal 2012 compared to $10.3 million in fiscal 2011.
OPERATIONAL HIGHLIGHTS
"This was a pivotal year for the Company. Investments in people and capital improvements focused on initiatives to extend the Cantung mine life and strengthen operating performance," said Stephen Leahy, CEO of NTC. "Although tungsten prices in the second half of the year were lower, investments made and actions taken delivered on our goal of developing an industry-leading tungsten mining and processing operation. I believe this will increase value to our shareholders over the longer term."
Operating highlights include:
Tungsten concentrate production increased 22% to 273,000 metric tonne units ("MTU's") from 224,000 MTU's the previous year;
Mine and mill operations improved and stabilized -- as evidenced by mill availability of 97.62% (2011 - 90.37%), average metallurgical recovery of 76.9% (2011 -75.3%), average daily feed tonnes of 969 (2011 --925) and total ore milled of 339,000 (2011 -- 322,000) tonnes
Capital expenditures of $25.2 million to support operations at the Cantung mine into the long term
Mine developments included the area below the 3700' level and also opened access to new zones, including the previously announced Amber Zone. They will also facilitate underground exploration. Exploration in and around the open pit is promising and may add low-cost tonnage.
Copper sales increased to 807,000 (2011 -- 279,000) pounds
The future recovery of tungsten from tonnages in tailings ponds on site is under investigation as a priority project.
Stephen Leahy continued, "We believe there is significant potential to extend the life of the Cantung mine through underground development, surface exploration and the tailings pond recovery project."
TUNGSTEN MARKET
Lower demand during 2012 resulted in a reduction in tungsten APT quotations from its historical highs in 2011 of over US$450/MTU to its most recent US$300/MTU range.
Recently, market indicators have firmed. The Company anticipates improving price quotations and product demand during calendar 2013. The Company has entered into sales agreements to sell most of its anticipated fiscal 2013 production at prices which are tied to market APT prices.
NEW CREDIT FACILITY
Stephen Leahy reported, "To support Cantung operations and the MacTung project in the near term, the Company has entered into a letter of intent for a short term credit facility with Queenwood Capital Partners II LLC, controlled by two Directors of NTC."
Terms outlined in the letter of intent for the additional US$4.0 million short term credit facility include: interest at 12.5% per annum; maturity October 31, 2013; and security to be granted over the MacTung Property, subordinated to security previously granted.
Stephen Leahy concluded his remarks, "The Company looks forward to the future and wishes to thank its "Tungsten Team" employees for all their hard work, dedication and extra effort that have allowed us to achieve record sales this year. I also wish to thank all stakeholders, shareholders, vendors, customers and associated partners for helping us build a better Company for the future."
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