Plymouth Minerals to Acquire Tungsten Project in Spain

Plymouth Minerals (ASX: PLH) will look to leverage expected supply shortages in tungsten by acquiring a brown fields tungsten project in Spain which could see exploration commence in Q4, 2013.

This should provide momentum for lightly capped Plymouth of under $3 million.

Under the deal, it will acquire the Morille tungsten-tin Project for cash and share based payments of €300,000 or A$420,000 over 12 months to earn 80% interest in the project.

Now tungsten project had previously produced tungsten and it was high quality tungsten concentrate evidently, until its closure in 1985 due a decline in the tungsten price.

In fact, the regional purchasers of concentrate show in records the high quality of concentrate was produced grading up to 74% WO3.

Plymouth will look to explore for extensions of known mineralisation, repeats and new discoveries.

Tungsten project is serviced by good local infrastructure (workforce, road, rail, water, power) and mining in the region is supported by government, on a local and national level.

The Morille Project consists of five investigation permits (exploration licences) in central Spain over a contiguous area of over 57km2.

Interestingly, with an eye to the future for the project, Spain and Portugal are the largest producers of tungsten in Europe and in the top several countries for tungsten production in the world.


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