Rafaella Acquires Spain's San Finx Tin/Tungsten Project

Rafaella Resources, a junior company listed on the Australian Stock Exchange, has reached an agreement with Spain's aloriza Minería S.L.U to acquire the San Finx tin/tungsten project. Under the terms of the agreement, the company, through its subsidiary Biscay Minerals, will acquire the project for 5 million euros, payable from production royalties only after the production and sale of 1,000 tons of metal.

Rafaella Managing Director Steven Turner said, "This low-cost acquisition further strengthens the Company's position in Iberia following the recent agreement to purchase two Portuguese tungsten projects, one of which has a permitted mine that has recently come into production."

"The Company will pursue debt options to fund modest capital requirements. The addition of the near-term production potential of the San Finx tin/tungsten project, along with the Portuguese tungsten projects, significantly bolsters the company’s long-term goal of being a significant supplier of the critically listed metals of tungsten and tin, both of which have attracted significant price rises over the past twelve months on the back of supply concerns and diminishing global stockpiles."

San Finx last operated in 2017, producing 35 tonnes of high-grade tin concentrate and 32 tonnes of wolframite concentrate. Valoriza has made significant investments in San Finx tin/tungsten project, developing a new decline, electrifying the mine and constructing new ancillary facilities. It also completed a study to support an application for a water discharge permit, which will allow dewatering of deeper levels.

Rafaella intends to continue its environmental efforts at Valoriza and will prioritize the review of current processes as well as investigate ways to further reduce its environmental impact.

Rafaella Resources Ltd. is a global developer and explorer of world class mineral deposits that are critical to the growing technology driven world economy. The company is currently fast-tracking its wholly-owned Santa Comba tungsten project in northwest Spain. Santa Comba is 60 kilometers by road from the nearest deep-water port and already has extensive infrastructure in place, including grid power, a partially completed processing plant, workshops and offices, and a tailings dam.

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