Tungsten

The bear market has influenced tungsten prices

By Leia Michele Toovey- Exclusive to Tungsten Investing News

Tungsten, like all other metals, has seen a large amount of its value lost in the 2008 market crash. 

Some stability though has been lent to tungsten metal due to the fact that China has a monopoly on the market.  China has curbed output to coincide with the price collapse, and this has lent some stability.  A minor metal that has received more attention recently, Research and Markets has announced the addition of the Tungsten Market Review report to their offering. This report focuses on the study of the global tungsten markets. It provides region analysis on tungsten production. It features major tungsten producers, prices, supply and demand conditions, international trade, etc. The review also includes future outlook of the world tungsten market.

Company news

Golden Predator Mines Inc. (TSX: GP) reports that David Cole has resigned from the board of directors and has accepted the position as a member of its Technical Advisory Board. Golden Predator is a tungsten and gold mining company focused on mineral development in Nevada and surrounding states. The company intends to augment its position in the domestic tungsten business through high grade gold development and production. Its current principal project is the Springer Facility, a 1,000 ton per day mine and mill complex built by the General Electric Company between 1979 and 1982. While it had a 13-year mine life at time of construction, GE only operated the facility for eight months when it ceased production in 1982 and placed Springer on care and maintenance due to falling tungsten prices. Golden Predator is in the process of re-commissioning the mill, and when completed, it will be the only operational tungsten mill in the United States

Happy Creek Minerals Ltd. (TSX-V: HPY)  has received promising results from a rock sampling program on its 100% owned Fox tungsten-molybdenum property, in British Columbia, Canada. The rock sampling was a follow up to drilling in 2007 that confirmed a large scale tungsten-molybdenum system approximately 1.5 kilometers by 500 meters in dimension. The first-ever, widely spaced drilling returned several potentially economic intercepts including 5.0 meters of 0.33 per cent WO3 (tungsten trioxide), 2.0 meters of 0.74 per cent WO3, and 1.7 meters of 0.51per cent molybdenum. On surface, blocks of this material have returned up to 12.778 per cent molybdenum and 5.65 per cent WO3. The 2008 exploration of the Ridley Creek area, located approximately four kilometers north of the Nightcrawler zone, comprised geology, prospecting and silt and soil geochemical surveys that detailed and expanded upon the positive 2007 soil and rock results. In addition to tungsten, rock sampling in 2008 also returned up to 0.19% molybdenum from quartz veins within the quartz monzonite intrusion. Tungsten, and the presence of molybdenum in quartz veins within an intrusion very similar in age to the Boss Mountain, supports the Company’s view that a porphyry style bulk tonnage molybdenum-tungsten deposit is responsible for the mineralization.

Brett Resources Inc. (TSX.V: BBR) is pleased to report drill results from eight holes on the Hammond Reef Property in Ontario, Canada. Highlights from these holes include hole BR-113 with 154 meters of 1.21 g/t Au. Brett’s President and CEO Patrick Soares commented, “Brett continues to build on its drilling success at Hammond Reef. Step-out drilling south-east of Mitta Lake verifies the resource block model which predicts that thick mineralized gold lenses plunge gently to the north-east. Southwest of Mitta Lake, drilling verifies the presence of thick gold mineralized lenses that start near surface and reach a depth of approximately 300 meters below surface. These results are also consistent with the resource model that indicated that 97 percent of the 4.8 million ounce resource lies within 300 meters of surface.” The Company filed its NI- 43-101 report with SEDAR.