Hi all,A slow day over in the UK ATM, a vol of only 10k of...

Hi all,

A slow day over in the UK ATM, a vol of only 10k of shares sold so far. Anyway a good read below of this article, we all know that next year is all about building the tungsten mine, the new MD has been in the job for only 2 weeks, and he is getting the news out about WLF in the UK, so far so good.

As the AGM is only 15 day away, I don't think there will be any news regarding permits (I hope I'm wrong on this) it's just a gut feeling on the permit nothing else. As I said before I'm confidence that We will get all permits approve for the mine.

The other thing I take from this article is this, WLF plan to process 27million tons of Tungsten from the mine, what I like from the new MD, is how he has said this, "but there is actually 400million tons under the ground"

The open cast pit Wolf will dig, a more cost attractive option than an underground mine, is planned to be 200m deep, "but the tungsten deposit runs to 400m deep"

What does this say about future PLANS for the mine to go DEEPER!





"Growth of Chinese economy means Plymouth's £150million tungsten mine will have secure future, says new boss"

October 23


THE growth of China's economy means Plymouth's £150million tungsten mine will have a secure future, its new boss says.

Russell Clark took the reins from Humphrey Hale at Wolf Minerals last week and has already vowed the Hemerdon tungsten and tin mine project will hit its 2015 deadline.

And he said that with China being the biggest recipient of tungsten, and prices flying, the mine will have a market for its projected nine-year lifetime.

But he explained: "China produces a lot of its own tungsten – but doesn't let it go anywhere else.

"Because of this, the market in Europe and the USA is looking for security of supplier."

Tungsten is used in a variety of industries including automotive, aerospace, oil and gas, and construction.

It is particularly used in carbide drill bits, which are needed extensively in the expanding Chinese construction industry.

Mr Hale, who set the Hemerdon project up and steered it through until now, said the tungsten market was "severely depressed" as recently as 2009.

But recently tungsten prices jumped form about 250 US dollars per Metric Tonne Unit (MTU) to more than 400 US dollars.

However, Mr Hale said rival firms had not secured the funding Wolf had, so were behind it in developing mines.

"There will be a supply gap in couple of years which we will fit into," he said. "That supply gap would indicate strong prices."

He said China had a 40-year supply of tungsten in 2001, but within a decade that had fallen to 20 years.

"And that's already been depleted," he said. "So if it turns out to be 10 years (supply) they are in deep trouble."

He said China is likely to, therefore, protect its supplies.

"There are not many tungsten mines outside China," he said.

Mr Clark said research describes the Hemerdon deposit as "world class" and added: "That's fabulous for Plymouth and will make it a world class mine."

The Hemerdon plan is to process 27million tons of the mineral during nine-and-a-half years – but there is actually 400million tons under the ground.

The project is likely to put a large slice of anticipated £70million annual sales into the city economy and create 230 jobs ranging from geologists, engineers and mining surveyors to truck drivers.

The open cast pit Wolf will dig, a more cost attractive option than an underground mine, is planned to be 200m deep, but the tungsten deposit runs to 400m deep.

When Mr Clark, an Australia-based mining expert with 35 years of industry experience, took over the project last week he described his arrival as managing director as "a managed and natural progression" and said he will be working with the Wolf team already in Plymouth, though he would be mostly based in Australia.


http://www.plymouthherald.co.uk/Growth-Chinese-economy-means-Plymouth-s-pound/story-19973117-detail/story.html



Good luck to all that hold WLF