| WOLF MINERALS LIMITED: MEDIA RELEASE |
5 December 2007
WOLF MAKES STAND-OUT RE-LISTING
Acquires Major World Class Tungsten Deposit, shares gain 91.7%
Australian
specialist minerals exploration and development company Wolf Minerals (ASX: WLF) (Wolf, the Company) has today made a standout return to trading on the Australian Stock Exchange (ASX), opening at A$2.55 - a gain of 91.7% on the day - after completing the
acquisition of the Hemerdon Tungsten and Tin Project in the United Kingdom, one of the largest tungsten and tin deposits in the world.
Wolf had been in voluntary suspension from trading since June 12 this year while it completed the acquisition of
the Hemerdon Project.
Wolf’s shares closed at $1.33 when the Company went into its voluntary trading halt, and traded as high as $2.70 today on its reintroduction to the ASX.
1.277 million shares were traded, and the stock closed at $2.55,
and increase of $1.22 on its price prior to the trading halt.
The key points of the Hemerdon Project are;
- The Project is located near Plymouth in
the South West of England, and it is anticipated that Wolf will mine 3000 tonnes of tungsten per year at the project over an approximate 15-19 year period.
- Work will commence immediately,
with actual mining work scheduled to begin within three years.
- A previous Feasibility Study conducted in 1981 by North American mining company AMAX estimated a mineable reserve estimate of
~ 40Mt at 0.183% tungsten trioxide and 0.029% tin.
- Global Hemerdon resource hosts 73Mt at 0.143% tungsten trioxide and 0.026% tin, based on 25,400 metres of drilling conducted between
November 1976 and October 1980.
- Wolf will pay A$1million, plus an annual rental payment of A$145,000, to acquire 100% of the Hemerdon deposit. Separately, a 2% net smelter royalty (NSR)
will be payable.
- Planning Permission to develop the mine was granted by Government in 1986 and remains valid until 2021.
- SRK Consulting has been engaged to re-log the core on site and Wolf will have substantial amounts of the existing core re-assayed, prior to confirming a JORC compliant resource within 3 months.
- The acquisition moves Wolf closer to its goal of becoming a world class tungsten and tin producer.
- ENDS
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For further information please contact:
Mr Humphrey Hale
Managing Director
Wolf Minerals
Ph: +61 8 6364 3776
E:
hhale@wolfminerals.com.au
Website: www.wolfminerals.com.au
Mr Jonathan Downes
Director
Wolf Minerals
Ph: +61 412 124 758
James Moses
Professional
Public Relations
Ph: 0430 038 338
E: jmoses@ppr.com.au
About Wolf Minerals
Wolf Minerals is a specialist Australian minerals exploration and development company which listed on the ASX on February 15 this year after a highly successful $A3million Initial Public Offer.
The
Company’s specialist minerals focus is tungsten and tin.
Wolf began with three tenement holdings, all in New South Wales, and the Company’s strategy is to actively seek to expand the number of projects under its ownership or control and build
the Company into a world class tungsten and tin producer.
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DEVELOPMENT STAGE |
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CODE : WLF.AX |
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ISIN : AU000000WLF3 |
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Asset profileContact Cpy |
Wolf Min. is a tin development stage company based in Australie. Wolf Min. develops tin and tungsten in U.k.. Its main asset in development is HEMERDON MINE in U.k. and its main exploration properties are DULLAH, YANCO GLEN, BURRANDANA, RED HILL ( AUSTRALIA) and KIOWARRAH in Australia. Wolf Min. is listed in Australia. Its market capitalisation is AU$ 9.5 billions as of today (US$ 6.8 billions, € 5.8 billions). Its stock quote reached its lowest recent point on September 19, 2018 at AU$ 0.03, and its highest recent level on September 30, 2020 at AU$ 8.75. Wolf Min. has 1 085 689 984 shares outstanding. |