My guess is that not many people have seen the following news out on 22nd Dec. ----------------------------------------------------------- Heemskirk (ASX:HSK)Heemskirk to sell tungsten asset into new IPO ? Heemskirk, the Australian diversified miner and mine developer has singed a letter of intent with a private equity group to push its tungsten assets into a TSX IPO according to a report in MiningNews.net. ? Heemskirk has struggled with recovery rates due to metallurgical issues at the Los Santos tungsten mine and recently implemented a new project to raise production and recoveries. ? The 65/65 project aims to raise throughput to 65tph and 65% tungsten recovery ? The deal indicates a valuation on the IPO of more than US$20m with Heemskirk retaining a 15% equity interest. ? The structure of the deal is similar to Heemskirk?s recent sale of its 40% interest in the Pajingo mine in Australia to Conquest Mining for A$27m in cash and 25.38m Conquest shares worth around A$10m at 39.4c/s.
