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Monday, December 12, 2005

King Island rattles tin

MiningNews.net + King Island rattles tin

TUNGSTEN hopeful King Island Scheelite is looking to raise $A5 million through a share placement to fund the completion of a bankable feasibility study on its namesake project in Tasmania.

The company will place 5 million shares at $1.00 each to undisclosed professional and institutional investors to raise the equity.

King Island Scheelite said a draft feasibility study is expected to be completed by the end of this year, while a final feasibility study is expected to be completed by March. The company is looking to secure project funding by the end of June with construction starting shortly afterwards.

A pre-feasibility study indicated about 4.1 million tonnes grading 0.91% tungsten trioxide could be recovered from a planned pit over a ten-year mine life. It has been estimated it would cost about $15 million to develop the project, producing around 400,000t per annum.

Tungsten is commonly used in light filaments, electrical and electronic contacts, and wire and rods.

Shares in King Island Scheelite ? the re-badged GTN Resources - hit a 52-week low of 40c in February before gaining ground and hitting a 52-week high of $1.55 in October. The stock gained 10c (9.5%) during afternoon trade to $1.15.

Click here to read the rest of today's news stories.







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