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Mining Weekly reported that Tungsten Mining (ASX:TGN) has agreed to acquire assets from Hazelwood Resources (ASX:HAZ), including the Mt Mulgine and Bug Hill projects.
Mining Weekly reported that Tungsten Mining (ASX:TGN) has agreed to acquire assets from Hazelwood Resources (ASX:HAZ), including the Mt Mulgine and Bug Hill projects.
As quoted in the market news:
The projects jointly represent a tungsten inventory of 88.2-million tonnes, at 0.17% tungsten, for more than 150-million tonnes of contained tungsten. Under the terms of a letter of intent inked this week, Tungsten Mining would acquire the project areas for A$1-million in cash and the issue of five-million fully paid ordinary shares.
The shares would be subject to a 12-month voluntary escrow period. The completion of the sale and purchase agreement would be subject to the completion of a due diligence investigation.