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Wednesday, February 15, 2006

Tungsten plan unveiled for King Island

Tungsten plan unveiled for King Island

FAMOUS for its dairy products, King Island in Australia's Bass Strait is set to re-establish a place on the mining map with King Island Scheelite lodging a development proposal for its tungsten project with government departments.

KIS is looking to bring the project online early next year and has submitted a development proposal and environmental management plan with the King Island Council and Department of Primary Industries, Water and Environment.

The company is looking to start construction around mid-year and envisages a mining rate of around 600,000 tonnes or ore per annum over a mine life of ten years. KIS said there is the potential to extend the mine life to 20 years with an underground operation.

Resource estimates are being finalised by Australian Mining Consultants and are expected to be complete this quarter.

A pre-feasibility study completed in December 2004 indicated the project had a resource of 4.1Mt at 0.91% tungsten trioxide and estimated it would cost $15 million to develop.

MiningNews.net was unable to reach KIS chairman Ray Soper.

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

Shares in KIS hit a 52-week low of 40c in May before gaining ground and hitting a 52-week high of $1.55 in October. The stock remained unchanged during morning trade at $1.40.

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


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