Ann: 2010 Full Year Report Summary , page-9

My guess is that not many people have seen the following news out on 22nd Dec.
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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.

http://www.proactiveinvestors.co.uk/columns/fairfax-i-s/4173/fairfax-market-report-including-emed-mining-and-heemskirk-4173.html