Tungsten - Mining Journal

Tungsten
A supplement to Mining Journal

2
OVERVIEW
CONTENTS
Overview 2-4
Exploration 5-6
Map 8-9
Profi les:
Amanta Resources 7
Geodex Minerals 10
Malaga 11
North American Tungsten 12
Oriental Resources 13
Ormonde Mining 14
Queensland Ores 15
Cover: montage of scheelite and tungsten images,
with ‘w’ the chemical symbol for wolfram
Photo: North American Tungsten
Published in June 2008 by:
Mining Communications Ltd
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Supplement editor: Chris Hinde
Design and production: Tim Peters,
Karen Leverington, Vickie Johnstone
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© Mining Communications Ltd 2008
An Aspermont company
ITIA
The International Tungsten Industry Association
was inaugurated in Brussels in February 1988, and
is registered as an association with scientifi c
purposes under Belgian law. The members of ITIA,
from 17 countries, include mining companies,
processors/consumers, trading companies and
assayers. Website: www.itia.org.uk
scheelite
concentrate
primary tungsten
(concentrates)
66%
� nal
product
90%
loss through
dissipation & discard
55%
wolframite
concentrate
TOTAL TUNGSTEN DEMAND
scrap from used parts
24%
June 2008 Mining Journal special publication Tungsten
Heavy stone
The name tungsten is taken from the Swedish for
heavy stone (tung sten), but the element is also
widely referred to as wolfram after one of its ores
Although not isolated until 225 years
ago, tungsten has a history dating
back to before Georg Agricola, who is
thought to have described the ore in
1546. Tin miners extracting cassiterite
in the Erz Mountains of Saxony in the 17th century
noted that certain ores reduced the amount of tin recovered
“like a wolf devours a sheep” (the effect of the
ore being likened to wolf’s froth, volf rahm in German).
In 1758, the Swedish chemist and mineralogist,
Axel Fredrik Cronstedt, discovered and described an
unusually heavy mineral that he called ‘tung sten’. Although
he was convinced that this mineral contained
a new and as yet undiscovered element, it was not
until 1781 that a fellow Swede, Carl Wilhelm Scheele
(who worked as a pharmacist and private tutor in
Uppsala and Köping) succeeded in isolating the oxide
(tungsten trioxide).
Torbern Bergman, working at Uppsala, predicted
that the acid isolated by Mr Scheele contained a new
metal, which should be possible to prepare by coal
reduction. One year later, a Spanish nobleman,
Don Juan José de Elhuyar, studied at the University of
Uppsala under Bergman. Back in Spain in 1783, Juan
José and his brother, Fausto de Elhuyar de Suvisa,
were the fi rst to prepare tungsten metal by the
method suggested by Bergman. They named it wolfram.
Jöns Jacob Berzelius (1816), and later Friedrich
Wöhler (1824), described the oxides and bronzes of
tungsten, and also proposed the name wolfram.
In 1821, KC von Leonhard proposed the name
scheelite for the mineral CaWO4. In 1847, R Oxland
took out a patent for the manufacture of sodium
tungstate and tungstic acid. This forms the starting
point of the metallurgy of tungsten.
Industry schematic
secondary tungsten
(concentrates)
34%
scrap from
processing
10%
CONVERSION
Tungsten conversion measurements
W 1.2616 WO3
Ton 2,000lb
Ton 0.907t
Tonne 2,204.6lb
Tonne 100MTU (metric tonne units)
Short ton unit 20lb (1% short ton)
MTU 1.1023STU
MTU 10kg (1% metric tonne)
MTU 22.04lb
The fi rst attempts to produce tungsten steel
were made in 1855 by J Jacob and F Koeller at the
Reichraming steel works in Austria. Further improvements
in alloying and hardening of steels by tungsten
were made late in the 19th century, and rapid growth
and widespread application followed. The launch of
high-speed steels by Bethlehem Steel took place in
1900 at the World Exhibition in Paris.
The second important breakthrough in tungsten
applications was made by WD Coolidge in 1908
and 1909. Mr Coolidge succeeded in preparing a
ductile tungsten wire by thermo-mechanical
processing. Metal powder (WC) was pressed to
bars, sintered and forged to thin rods. Very thin
wire was then drawn from these rods. This was the
beginning of tungsten-powder metallurgy, which was
instrumental in the rapid development of the lamp
industry.
The next important milestone in the chronology
of tungsten is 1923, which marks the invention of
hard-metal (combining WC and cobalt by liquid-phase
sintering) by K Schröter. The corresponding
application for a patent was granted to Osram
Studiengesellschaft in Berlin, and licensed to Krupp in
Essen in 1926. Hard-metal (cemented carbide) is now
the main application for tungsten.
HISTORY LESSON
The brothers José and Fausto Elhuyar are credited
with the discovery of the element in Spain
during 1783. They had found an acid made from
wolframite that was identical to an acid made
from scheelite (tungstic acid), and subsequently
succeeded in isolating tungsten through reduction
of this acid with charcoal.
Carl Wilhelm Scheele had ascertained two
years earlier that a new acid (at the time named
tungstenite) could be made from scheelite. Mr
Scheele and Torbern Bergman suggested that
it could be possible to obtain a new metal by
reducing this acid.

European free market prices (US dollars per MTU)
US$
300
250
200
150
100
50
Jan 2004
Jan 2005
Source: Metal Bulletin
Jan 2006
Hardness: Second only to diamond, and
tungsten carbide is used in a range of industrial
applications, including high-speed cutting, heavy
machinery and specialty alloys.
Heat resistance: Highest melting point and
lowest coeffi cient of expansion of all metals.
Industrial applications include jet turbine engines
and light-bulb fi laments.
Density: Greater than lead and uranium, and
industrial applications include ballast and sporting
goods (golf clubs, tennis racquets and darts).
Benign: Tungsten does not break down or
decompose. Its industrial applications include
fi shing weights and shotgun shot.
Fluorescence: Pure scheelite is blue-white in
ultraviolet light, a property that is utilised in
prospecting.
Jan 2007
UNIQUE PROPERTIES
Tungsten (given the chemical symbol W, from
wolfram) has an atomic number of 74, and is an
extremely hard, and very dense, grey to white metallic
element. Of the metals, it has the highest melting
point (3,422°C, which is second only to carbon
among all elements), the lowest coeffi cient of
expansion, the highest tensile strength (at temperatures
above 1,650°C) and the lowest vapour pressure.
It is also corrosion resistant and does not break down
or decompose.
Due to these unique attributes, tungsten has few
replacements in a majority of its industrial applications.
Although tungsten is often brittle and hard to
work in its raw state, it can be cut with a hacksaw in
its pure state.
The pure form of tungsten is used mainly in
electrical applications, but its many compounds and
alloys are used in a wide range of applications. For
example, because of its ability to produce hardness at
high temperatures and its high melting point, tungsten
is used in many high-temperature applications. These
include light bulb, cathode-ray tube and vacuum tube
fi laments, as well as heating elements and nozzles on
rocket engines.
PROPERTY SUMMARY
The high melting point
also makes tungsten suitable
for aerospace and
high temperature uses,
including electrical, heating
and welding applications,
notably in the gas-tungsten
arc-welding process (also
called TIG welding). It is
also used in electrodes, and
in the emitter tips of fi eld
emission electron-beam
instruments, such as focused
ion beam (FIB) and electron
microscopes. The metal is
also used in X-ray targets.
Tungsten chemical
compounds are used in
catalysts, inorganic pigments
and tungsten disulphide
high-temperature lubricants
which are stable to 500°C.
Tungsten carbide (W2C or
WC) is produced by heating powdered tungsten with
carbon, and is one of the hardest carbides (with a melting
point of 2,770°C for WC, and 2,780°C for W2C).
WC is an effi cient electrical conductor (W2C less
so) and tungsten carbide behaves in a manner very
similar to that of unalloyed tungsten and is resistant
to chemical attack, although it reacts strongly with
chlorine to form tungsten hexachloride (WCl6).
Tungsten carbide is used to make wear-resistant
abrasives and cutters and knives for drills, circular
saws, milling and turning tools. In these applications,
tungsten carbide may be combined with cobalt, or
coated with titanium nitride or titanium carbide.
Because of the hardness and density of the element,
tungsten fi nds use in heavy metal alloys that
are used in armament, heat sinks and high-density
applications, such as weights, counterweights, ballast
keels for yachts, tail ballast for commercial aircraft
and ballast in racing cars (including NASCAR and
Formula 1). In armaments, tungsten (usually alloyed
with nickel and iron or cobalt to form heavy alloys) is
used in kinetic energy penetrators as an alternative to
depleted uranium.
Tungsten may be used in cannon shells, grenades
and missiles to create supersonic shrapnel. Darts may
Jan 2008
OVERVIEW
A 1mm tungsten bead helps this fi shing fl y sink more quickly
contain a high proportion of tungsten, allowing their
diameter to be smaller than those made of other
metals, and permitting tighter groupings. Fishing lures
and many fi shing fl ies use tungsten bead heads to
sink the fl y rapidly. Some types of strings for musical
instruments are wound with tungsten wire.
Tungsten, which has a similar density to gold, is
sometimes used in jewellery as an alternative to gold
or platinum (its hardness makes it ideal for rings that
will resist scratching, are hypoallergenic and will not
need polishing). This property is especially useful in
designs with a brushed fi nish.
In metal alloys, high-speed steel contains tungsten
(some tungsten steels contain as much as 18% W).
Superalloys containing tungsten are used in turbine
blades and wear-resistant parts and coatings.
Tungsten powder is used as a fi ller material in
plastic composites, which are used as a non-toxic
substitute for lead in bullets, shot and radiation
shields.
Since the element’s thermal expansion is similar
to borosilicate glass, it can also be used for making
glass-to-metal seals. In electronics, tungsten is used as
an interconnect material in integrated circuits.
The oxides are used in ceramic glazes, and calcium/
magnesium tungstates are used widely in fl uorescent
lighting. Crystal tungstates are used as scintillation
detectors in nuclear physics and nuclear medicine.
Other salts that contain tungsten are used in the
chemical and tanning industries. Tungsten ‘bronzes’
(so-called due to the colour of the tungsten oxides)
are used in paints.
Presentation of WIDIA (hard-metal) at the 1927 Leipzig
fair by Friedrich Krupp AG. A new material was born which
revolutionised the tool industry. (This picture, published in
1944 in Engineering & Mining Journal, illustrates the many
applications of tungsten at that time.)
June 2008 Mining Journal special publication Tungsten 3

DEPOSITS
All tungsten deposits are of magmatic
or hydrothermal origin. Although
more than 30 tungsten-bearing
minerals are known, only two of
them are important for extraction:
wolframite (Fe, MnWO4) and
scheelite (CaWO4). The concentration
of these minerals in workable
ores is usually 0.3-1% WO3.
Wolframite is a general term
for iron and manganese tungstates
where the iron/manganese ratio can
vary. A mineral with more than 80%
FeWO4 is called Ferberite and a
mineral with more than 80% MnWO MnWO4
is called Hübnerite.
During cooling of the magma,
differential crystallisation occurs, and
scheelite and wolframite are often
found in veins where the magma
has penetrated cracks in the earth’s
crust. Most of the tungsten deposits
are in younger mountain belts, for
example the Alps, Himalayas and the
Pacifi c rim.
World tungsten resources have been estimated at
7Mt W, including deposits that have so far not been
proven to be economically workable. It is suggested
that 30% of the resources are wolframite and 70%
are scheelite ores. The former mineral contains
76.5% WO3, while the latter contains 80.5% WO3.
There are major deposits of these minerals in China
(with about 57% of the world total), Russia, Austria
and Portugal.
4
OVERVIEW
WANTED
Tungsten was an important metal
during the Second World War
(as a raw material for the
weaponry industry) and, as the
main European source of the
element, Portugal was put under
political pressure from both sides.
PRODUCTION
China is today by far the largest supplier of primary
tungsten. The other principal producing countries are
Austria, Bolivia, Canada, Portugal and Thailand. Mines
have closed in recent decades in Australia, Brazil,
France, Japan, South Korea, Sweden and the US.
The extraction of tungsten has several stages,
the ore being converted to tungsten oxide (WO2),
which is heated with hydrogen or carbon, producing
powdered tungsten. It can be used in that state or
converted into solid bars.
Ammonium Paratungstate (APT) is usually
calcined to yellow (WO3) or blue oxide (WO3-X, a
slightly substoichimetric trioxide with varying oxygen
content). The yellow or blue oxide can be reduced to
APT
Ammonium Paratungstate is the main intermediate
product and the main tungsten raw material traded
in the market. (NH4)10(H2W12O42).4H2O
June 2008 Mining Journal special publication Tungsten
The Tungsten Tree, published in 1944 by Wah Chang
Steel branch
Carbide branch
tungsten-metal powder
in either ‘pusher’
Tungsten ore
furnaces (in which the
powder passes through
the furnace in boats) or
in ‘rotary’ furnaces, at
700-1,000°C.
Most of the tungsten-metal
powder is
converted to tungsten
carbide (WC) by reaction
with pure carbon
powder (eg carbon black) at 900-2,200°C in pusher
or batch furnaces, a process called carburisation.
Tungsten carbide is, quantitatively, the most important
tungsten compound. Because of its hardness, it is
the main constituent in cemented carbide.
Scrap recycling is an important factor in the world’s
Estimated world tungsten
reserves 7Mt (W content)
South
America
Other
Canada
4%
12%
17%
US
4%
CIS
6%
China
57%
Compounds
Non-ferrous alloys
tungsten supply. It is estimated that some 30% is
recycled, and the tungsten-processing industry is able
to treat almost every kind of tungsten-containing
scrap and waste to recover tungsten.
Sources: North American Tungsten Corp, ITIA
Supply in 2004: 56,700t
(W content)
11%
Other
CIS
6%
83%
China

Activity report
Exploration and development of tungsten projects is taking place around the world
LAST month, Geodex Minerals Ltd
upgraded the resource estimate at its
Sisson Brook bulk-tonnage tungstenmolybdenum-copper
deposit in western
New Brunswick, Canada. The fi rm’s recent
exploration efforts in the area have been divided
between Sisson Brook and a more polymetallic group
of targets surrounding the former Mount Pleasant
mine. Measured and indicated resources at Sisson
Brook now consist of 328Mlb tungsten and 108Mlb
molybdenum at 0.025% W03 equivalent. Geodex is
working towards the completion of a pre-feasibility study
in September using these new resource numbers.
In May, Ormonde Mining plc announced that it
was focusing on bringing the Barruecopardo tungsten
project in Spain into production as soon as possible,
while it works on reducing costs at the Zarza
polymetallic project, also in Spain.
Initial studies at the Barruecopardo
mine indicate the potential to revive
operations with an underground project
from the existing open pit. Inferred
resources are estimated at 1.0Mt at an
average grade of 0.7% WO3, and the study
outlined a project producing 900t/y of
tungsten at a capital cost of €10-15 million.
The company hopes to complete evaluation
of Barruecopardo by the end of this year and begin
production in the second half of 2009.
Also in May, AIM-listed Polo Resources Ltd
announced that it was “chasing” GCM Resources plc
with an offer valued at £60 million (US$118 million).
Polo, which currently holds 29.7% of GCM, said the
offer is “consistent with Polo’s strategy of building a
signifi cant and diversifi ed portfolio”. The company’s
main assets are coal, tungsten and uranium holdings
in Mongolia.
Queensland Ores Ltd (QOL) owns 85% of
Wolfram Camp, Australia’s most historic producer of
signifi cant quantities of tungsten, molybdenum and
bismuth. The mine is due to commence concentrate
shipments in July, marking Australia’s return as a
producer of tungsten concentrate.
QOL listed on the Australian Stock Exchange in
2005, and redevelopment and construction work at
Wolfram Camp began in November 2007. With an orefeed
rate of 150,000t/y, QOL is expected to produce
an annual average of 600t WO3 in a 65% wolframite
concentrate, and 250,000lb Mo in a 50% molybdenum
concentrate. In May, QOL announced a A$12 million
capital raising that would leave the company debt free
and with additional exploration funds to conduct
near-mine defi nition drilling to increase the size of the
current Wolfram Camp resource.
In March, Oriental Minerals Inc upgraded its
resource estimate for the Sangdong historical
tungsten-molybdenum mine in South Korea. The fi rm
had already released a resource estimate by consultant
Wardrop Engineering, but the update includes further
drilling results and a different cut-off grade.
The previous cut-off grade was 0.15% WO3, but
for the latest estimate it is 0.10% WO3-equivalent.
Oriental Minerals said this cut-off grade represented a
North American Tungsten’s Century mine in Canada
recoverable grade, with recoveries of 70% for tungsten
and 80% for molybdenum.
Sangdong, about 170km southeast of Seoul, was
mined by underground means from 1940-92 at annual
rates of up to 600,000t of ore, and Oriental is
investigating the potential for an open-pit operation
to exploit the remaining resources.
The estimate included drilling results from 42 holes
completed by Oriental, plus 780 underground holes
by previous operators. Wardrop is preparing a preliminary
economic assessment of the development of an
open-pit operation at Sangdong, which is due for
completion in the September quarter.
EXPLORATION
Clockwise from top left: Vital Metals; Tyhee Development Corp’s Giant mine; Paradigm’s White Rock project; Amanta’s Doi Ngom mine
At the time of the original resource estimate,
chief executive Willie McLucas said: “This fi rst report
illustrates the long-term potential of Sangdong as
one of the largest known tungsten deposits in the
world.” Oriental also noted that the drilling results
contained “notable base-metal grades” in the
limestone sequence overlying the west part of the
Sangdong deposit.
Wolf Minerals Ltd announced a maiden JORC
resource estimate in March for its Hemerdon Ball
tungsten-tin deposit in Devon, UK. The Perth-based fi rm
reported that SRK Consulting had estimated inferred
resources of 82Mt at 0.22% WO3 and 0.02% Sn (at a
June 2008 Mining Journal special publication Tungsten
5

6
EXPLORATION
0.12% W cut off). In 1981, Amax had
outlined reserves of 0.183% WO3.
The latest resource calculation was
based on the relogging of core and
re-assaying samples from 2,688m of
drilling (303 holes were drilled, totalling
21,846m). The mineralisation is hosted by
sheeted greisen veins and stockworks in
fresh and weathered granites, and
surrounding killas (shale) units.
At the end of last year, Wolf announced
that it hoped to bring the historical mine
back into production, saying the project
would “form an excellent platform for the
company to become a major tungsten and
tin producer”. Wolf acquired the property
at a cost of A$1 million and will pay an
annual rent of A$145,000 as well as a net
smelter royalty of 2%.
Wolf expects mining to begin at the site in three
years’ time, although the local authorities will
undertake a full review of the project to reassess its
environmental standards. The relevant planning
permissions were passed in 1986 and are still valid,
but will be revised “in line with modern mining
practices”. The mine, once operational, is expected
to produce 3,000t/y of tungsten over a mine life
of 15-19 years.
Thor Mining plc entered into an off-take
agreement in March with CITIC Group for its Molyhil
tungsten-molybdenum project in Australia’s Northern
Territory. Under the terms of the deal, CITIC will take
100% of the life-of-mine production from Molyhil.
Thor said the agreement allowed the company to
move forward with fi nalising funding for the project,
for which fi nal development deals are expected in the
current quarter.
Galway Resources at work
In November 2007, Thor confi rmed plans to
increase the planned scope of Molyhil, but admitted
that the new project would cost more. The review
confi rmed a new reserve estimate (Thor had
published the new JORC-compliant resource of 3.7Mt
in September 2007) and increased the scale of the
project from a throughput of 300,000t/y to 400,000t/y
over a fi ve-year period. But, estimated capital costs
were increased from the A$45.5 million outlined in a
feasibility study at the end of 2006 to A$63.3 million.
Thor noted that the higher capital costs include
the outright purchase of mining equipment and
power-generation plant, and the purchase of the
processing plant and equipment, and village and
infrastructure, rather than contracted services used
for the previous estimate. As a result, cash operating
June 2008 Mining Journal special publication Tungsten
Operations of North American Tungsten Corporation (above)
and Geodex (right)
costs for the new project were estimated at A$78/t,
compared with the previous A$94/t.
Amanta Resources Ltd is focused on
southeast Asia, and the Canadian company’s assets
include three former tungsten mines near Chiang Mai
in northern Thailand. It is now over a year since the
military coup in Thailand, which was the world’s
fourth-largest producer of tungsten prior to the
collapse of the tungsten market in the early 1980s
(with output peaking at 7,500t/y). Current production
is barely 100t/y, but Amanta is convinced of the
country’s potential. Drilling on the Mae Lama
property has shown “signifi cant mineralisation” to a
depth of over 200m, according to the company, with a
strike length of over 700m at a typical width of 1.5m.
Malaga Inc has discovered new mineralisation at
its Pasto Bueno tungsten mine in northern Peru. The
mine is the only operating tungsten mine in South
America and the second largest in the Americas. Two
mineralised vein structures have been identifi ed; one
on either side of the Consuelo vein that is currently
being mined. The new veins have been called Sauco
(on the west side) and Paraiso (east side). Near-term
exploration will focus on the Santa Marta vein, said
the company earlier this year.
In February, Largo Resources Ltd reported
wide zones of tungsten and molybdenum mineralisation
from ten drill holes, totalling 1,875 samples, at its
Northern Dancer tungsten-molybdenum project in
the Yukon. Drilling is focused on upgrading and
expanding the resource of 242Mt grading 0.10% WO3,
0.047% MoS2, including 36.8Mt grading 0.085% MoS2.
In August 2007, Tyhee Development Corp
announced additional gold and tungsten results from
the Nicholas Lake main zone at its 100%-owned
Yellowknife gold project in Canada. Tyhee had
resampled all previously completed drill holes from
the Nicholas project to assess the potential for a
bulk-mineable resource.
The fl agship project for Vital Metals Ltd is the
Watershed scheelite deposit in north Queensland,
150km northwest of Cairns. The project is at the
pre-feasibility stage, with a programme of in-fi ll drilling,
bulk sampling and metallurgical development in
progress. A resource estimate by RSG Global Pty for
Watershed indicated 21.8Mt at an average grade of
0.26% WO3 (based on a cut-off grade of 0.1% WO3)
for a contained WO3 content of 56,300t. The
mineralisation at Watershed is open at depth and
along strike in both directions.
The company announced a year ago that it was
also drilling a target to the south of the main
deposit which identifi ed four potential new zones of
scheelite mineralisation that could extend the limits
of the resource by 200m. In addition to Watershed,
Vital Metals has the rights to two other tungsten
occurrences at advanced stages of exploration:
Mt Alexander (100%-owned) and Mt Mulgine (where
Vital Metals is earning a 70% stake).
Also in Australia, Paradigm Gold Ltd owns the
White Rock tungsten and tin project in Orange, New
South Wales. The company announced assay results
one year ago, confi rming a tin-rich halo surrounding
tungsten mineralisation at the project. At that time
Paradigm reported an estimated indicated and
inferred resource of 150,000t at an average grade of
0.9% WO3, based on historical drill results.
The wholly-owned Mactung deposit of North
American Tungsten Corporation was
confi rmed in March 2007 as the largest, undeveloped,
high-grade, tungsten skarn deposit in the world. The
deposit lies on the border between the Yukon and
Northwest Territories in Canada. A NI 43-101compliant
evaluation by Scott Wilson Roscoe Postle
Associates had given an indicated resource of 33.0Mt
at an average grade of 0.88% WO3, and an inferred
resource of 11.3Mt at 0.78% WO3.
These fi gures included 22.2Mt and 4.6Mt, respectively,
of ore with average grades of over 1% WO3.
Based on these fi gures, which used data from 168 drill
holes and a cut-off of 0.5% WO3, the deposit contained
a combined 38.2Mmtu WO3.
North American Tungsten Corporation is already in
production at the Cantung mine in Canada’s
Northwest Territories. The fi rm is expanding a newly
discovered zone down-dip of the West Extension
workings, where additional high-grade intersections
were announced earlier this month.
Galway Resources Ltd fi led a NI 43-101
report by SRK Consulting one year ago for its
Victorio molybdenum-tungsten project near Deming,
New Mexico. Based on data from 71 holes (some
50,000m of drilling), the deposit contains over 65Mlb
of molybdenum and 57Mlb of WO3 in the indicated
category, and 31Mlb molybdenum and 33Mlb WO3 in
the inferred category. The cut-off grade was based on
molybdenum valued at US$12/lb, combined with
tungsten (WO3) valued at US$8/lb (yielding a rock
value cut-off of US$40/t).

Amanta revives Thai tungsten
AMANTA Resources, a publicly-traded
Canadian company, focuses on the
acquisition and development of strategic
minerals in southeast Asia. Amanta
selects known, high-quality mineral deposits
with recognised potential as successful producers.
Prior to the collapse of the tungsten market in the
early 1980s, Thailand was the world’s fourth-largest
producer of the metal with peak production of
7,500t/y. Today, the country produces about 100t/y.
Thailand’s rich potential is directly linked to the
widespread occurrence of granitic intrusives of the
southeast Asian tin-tungsten belt. In the 1970s and
early 1980s tungsten concentrate was produced from
a large number of small mines and a few larger ones.
Recognising Thailand’s potential for tungsten
production, Amanta acquired a 100% working interest
in three former tungsten mines near Chiang Mai in
northern Thailand. The company’s tungsten prospects
at Mae Lama, Mae Chedi and Doi Ngom were among
the larger producers of the 1980s, each outputting
several hundred tonnes of concentrate per year, with
peak production at Doi Ngom surpassing 1,000t/y.
MAE LAMA TUNGSTEN PROJECT
Of the three prospects, the Mae Lama property,
southwest of Chiang Mai, offers the most immediate
opportunity for fast-tracking into production.
PEOPLE
Massive wolframite crystals in
Mae Lama production vein
■Amanta Resources has a versatile, international
team of engineers and geologists from Canada, the
Netherlands, Thailand, Vietnam and the Philippines.
■President and CEO Dr Gerald Wright
is co-founder of the Crew group of companies.
As former CEO of Asia Pacifi c Resources, he was
responsible for developing that company’s major
potash project in Thailand. Dr Wright holds a BSc
and a PhD (engineering) from Queens University,
Belfast, Northern Ireland, and he has been a PEng in
British Columbia since 1980.
■Executive vice-president and chief
geologist Pieter Bakker holds an MSc in
mining and geology from the University of Delft,
Netherlands. He is a member of the Australian
Institute of Mining and Metallurgy and is a
chartered geologist in Thailand. He has also held
the posts of chief, mineral resources section,
United Nations ESCAP, ESCAP Bangkok, executive vicepresident,
Indochina Goldfi elds, and senior vicepresident
and director of Bong Mieu Holdings.
Drilling at Mae Lama, December 2007 (above); massive wolframite crystals in Mae Lama drill core and grab sample (below)
Mae Lama is a simple, wolframite-in-greisen-quartzvein
deposit. The principal tungsten mineral is
wolframite with associated minor scheelite. One main
vein and dozens of minor ones are known in the
licence area, many of which are mineralised, and the
reported head grade for previous mining operations
was 2% WO3.
Drilling has demonstrated that the Mae Lama vein
contains signifi cant tungsten mineralisation to a depth
of over 200m, and traced it along the trend for 700m
at a typical width of up to 1.5m. During
the exploration programme, the
company uncovered a number of old
adits from the former mining
operations at Mae Lama, which
provide direct access to the two
signifi cant, mineralised vein
systems found on the property.
Amanta geologists have
observed high-grade
mineralisation in situ. Based on
these observations, photographic evidence and
observed wolframite crystals in drill cores, the Mae
Lama tungsten deposits are now considered to be
classic, high-grade, narrow vein deposits.
The fi rm is rehabilitating the former production
openings to take channel and bulk samples from the
production vein. Amanta plans an early resumption of
tungsten production, with the objective of developing
up to one million tonnes of ore and verifying the
reported production grade of 2% WO3. Production at
the mine could resume as early as mid-2009.
Assuming grade and tonnage are verifi ed, Amanta
anticipates a production level of up to 2,500t/y of
high-grade tungsten concentrate, providing the
company with a signifi cant revenue stream for up to
ten years. Producing a concentrate rather than a
fi nished product will ensure that both capital and
ongoing production costs are minimised.
OTHER TUNGSTEN PROJECTS
The Mae Chedi property is located northeast of
Chiang Mai. Tungsten ore (scheelite), associated with
tin (cassiterite), occurs in quartz veins and stockworks
in granitic rocks, and also in the contact zone
between these and carboniferous mafi c intrusives.
Disseminated mineralisation occurs as fi ne patches of
scheelite-cassiterite in the granite, and as veins and
veinlets up to 1m thick in the contact zone. A
reconnaissance programme has yielded grab samples
of up to 7% WO3.
At Doi Ngom, southeast of Chiang Mai, tungsten
ore is confi ned to silicifi ed breccia zones in Permian
metasediment. The main tungsten mineral is ferberite,
occurring as breccia fi ll and cement, and in fractures
and veinlets. Ferberite is associated with fl uorite and
stibnite. Shallow reconnaissance drilling has yielded
tungsten grades of up to 1.8% WO WO3 over a 1m
intercept in one drill hole plus a number of lower-
grade intersections of up to 10m in other holes.
OTHER PROJECTS
Over the past four years, Amanta Resources has
pursued an active exploration programme at
its Langu gold project in southern Thailand,
including 4,500m of reconnaissance drilling,
with results of 1.4g/t Au to 3g/t Au. Amanta
plans to drill an additional 25,000m and has
commenced negotiations with a potential
joint-venture partner.
Amanta Resources recently received a 200km2 copper-exploration concession from the Lao People’s
Democratic Republic. Amanta will hold a 100%
working interest in the Luang Namtha copper project,
located in Luang Namtha province.
CONTACTS
Amanta Resources Ltd
1080-789 West Pender Street,
Vancouver, BC, Canada V6C 1H2
Tel: +1 604-730-9505
Fax: +1 604-648-8096
Email: info@amantaresources.com
Web: www.amantaresources.com
Exchange: TSXV
Symbol: AMH
PROFILE
June 2008 Mining Journal special publication Tungsten 7

GEOLOGICAL MAP
Tungsten projects reported to global financial markets as of June 2008
Number of Projects
71 - 75 (1)
21 - 70 (1)
11 - 20 (2)
2 - 10 (8)
1 (12)
Nil
This map has been complied in good faith by intierra from internal and external published
sources, but no representation is made nor warranty given (either express or implied) as to
the completeness or accuracy of the materials that it contains.
For continuously updated, more detailed information go to www.intierra.com.
Intierra's copyright remains on all reproduction of materials from the map.
Copyright Intierra Ltd 2008
8 June 2008 Mining Journal special publication Tungsten
Map depicts the number of tungsten projects
reported to the North American, Australian,
South African and London markets as of June 2008.
Projects range from grass-roots exploration
plays through to operating mines.

COUNTRY
Canada
Australia
United States
Mexico
Thailand
Portugal
Spain
Vietnam
Brazil
China
Mongolia
Peru
TOTAL
74
63
18
15
733
3 2222
Bolivia
Indonesia
Kyrgyzstan
Namibia
New Zealand
Poland
Russia
Serbia
Slovakia
South Korea
Tanzania
United Kingdom
1
1 1111
1 111
1 1
GEOLOGICAL MAP
Note: China is the world’s largest
producer of tungsten, followed by Russia.
June 2008 Mining Journal special publication Tungsten 9

10
PROFILE
Geodex Minerals aims to turn up
tungsten at Sisson Brook project
GEODEX Minerals Ltd has focused on
the tungsten-molybdenum-zinc-indium
suite of metals in western New
Brunswick, Canada, for the past three
years, almost alone in that regard.
Work has been divided between Sisson Brook, a
bulk-tonnage tungsten-molybdenum-copper deposit,
and a more polymetallic group of targets surrounding
the former Mount Pleasant mine. The company’s
management consists of a knowledgeable team of
geologists with extensive experience of mine development
from working with such companies as Kennecott,
Kamad Silver, Esso Minerals and Teck Corp.
The company’s fl agship project, Sisson Brook, is a
large, open-pittable deposit, located in the central part
of the New Brunswick. The deposit was drilled by
Kidd Creek from 1978-82, but the discovery was
abandoned due to severe metal price setbacks in the
mid-1980s. The deposit has been expanded by
Geodex since 2005. The mineralised area extends for
over 2km, encompassing at this point two northern
zones with tungsten and copper, and a central, more
signifi cant zone of tungsten and molybdenum of over
300m wide. This Zone III has been the subject of
three resource estimates and a preliminary, economic
evaluation by Wardrop Engineering in November 2007.
The most recent NI 43-101-compliant resource
estimate (in June) upgraded Sisson Brook’s resources
to measured and indicated status. The overall tonnage
increase ranged from 37% at the lowest threshold
level (0.025% WO3 equivalent) to 134% at the highest
(0.225% WO3). The measured and indicated resources
now consist of 328Mlb tungsten and 108Mlb molybdenum
at 0.025% WO3 equivalent. The company is
working towards completion of a pre-feasibility study
in September using these new resource numbers.
The project is currently on track to become the
lowest-cost tungsten mine in North America. The
deposit will have the benefi t of low-cost, open-pit
mining in an easily accessible area and a willing labour
force. Concentrate will be trucked to the port of
Saint John, about two hours away on the Bay of Fundy
coast. The largest mine in the nearby Bathurst mining
district is due to close in mid-2010 after a 60-year life.
This may have a positive impact on the supply of
equipment and labour for the Sisson Brook, and
encourage the New Brunswick government to
fast-track its development.
June 2008 Mining Journal special publication Tungsten
Sisson Brook has the advantage of unsurpassed
logistics: it lies on crown land, which is a major
advantage for resource development; the area has
been partially logged; there is ready access from a
network of logging roads; a power line crosses the
property, and it is located close to several small
towns, which are serviced by a rail line and provincial
highway 107.
Construction and production would
create many needed employment
opportunities in New Brunswick. The
company estimates about 750 jobs for local
people during construction and 300 during
full operation of the mine, ranging from
trucking to offi ce administration. Three
drills are presently on the property
exploring extensions to various zones.
Earlier this year, Geodex began
metallurgical, geotechnical and environmental
programmes to fast-track the
deposit into production. Wardrop
Engineering will be carrying out mine
design and grade-optimisation studies over the course
of the next few months on the project. In addition, the
fi rm will also be aggressively exploring seven other
properties in the area of the Sisson Brook mine site.
Geodex’s second major project is Mount Pleasant
West, a large property located adjacent to the Mount
Pleasant mine, south of Fredericton in New Brunswick.
This mine, presently owned by Adex Mining Inc, was
operated briefl y by Billiton in the mid-1980s, and it
contains deposits of molybdenum-tungsten and
tin-indium. Geodex’s focus is on the indium potential
in the Mount Pleasant West camp and the company’s
land holdings cover what is probably the world’s
largest area of premium indium-exploration targets.
Geodex is about to conduct a major exploration drill
programme at Mount Pleasant West.
TUNGSTEN
Approximately three-quarters of the in-ground
resources at Sisson Brook are tungsten; a metal
mainly used in light fi laments and metal-cutting tools.
Tungsten has a density greater than that of lead and
uranium, and its hardness is exceeded only by
diamonds. It is very inert and replaces lead in
uses where it is exposed to the environment
(tungsten recently started replacing lead
in bullets).
Currently, tungsten output is all but
monopolised by China, which produces about
85% of the world’s supply (and further tariff and
quota increases are anticipated to keep the
scarce supply within China). Meanwhile, the
country has increased its domestic demand for
tungsten products, and it is now importing both
scrap and concentrate.
The price of tungsten is US$220-250/mtu for
APT (ammonium paratungstate), a refi ned form in
which the metal is usually bought and sold. Over
the next fi ve years it is forecast that global prices
for APT will increase by 25% from its current
level. Current global consumption of tungsten is
81,200t/y (including 59,800t of new primary
production). Over the next fi ve years the consumption
of tungsten is projected to rise to 109,328t,
requiring almost 82,000t of primary output and an
increase of 22,000t in new production.
No new, major tungsten production has occurred
outside China recently and is not expected until late
2009. Barriers include the cost of mine development
and the limited availability of high-grade deposits. With
the high-grade tonnage at Sisson Brook recently
increasing, there is further potential to increase output
at Sisson Brook and decrease the payback period.
Slated for construction in 2010 and production in
2011, the Sisson Brook project will account for 5% of
the world’s current consumption of tungsten.
CONTACTS
Geodex Minerals
Suite 450-800 West Pender Street
Vancouver, BC, Canada V6C 2V6
Tel: +1 604 689 7771
Fax: +1 604 689 5528
E-mail: info@geodexminerals.com

Malaga rejuvenates Pasto Bueno
PASTO Bueno is the only operating
tungsten mine in South America and the
second-largest in the Americas. Since
the 1920s, more than 6Mt of tungsten
ore has been extracted from the mine.
In 2005, Malaga purchased 100% of Pasto Bueno from
its former owners for US$3.25 million and reopened
it the following year. Commercial production began in
2007, and 57,336MTU of tungsten concentrate was
produced at a cost of about US$120/MTU.
Malaga’s management team has modernised the plant
and mine, and are continuously seeking new ways to
optimise its operation. The company has identifi ed three
main areas where signifi cant progress could be
made to dramatically lower production costs.
ENERGY COSTS
Energy requirements at the Pasto Bueno
mine are met by diesel-powered
generating units. Malaga has invested in
a hydroelectric power-generation project
at Pasto Bueno, which should be able to
supply all the company’s energy needs by
the end of 2008. The scheme includes a
1.9MW hydroelectric power plant,
equipped with two Pelton turbines and
alternators, operating under a 170m waterhead and a
22.9kV high-voltage transmission line.
The company will be able to reduce its carbon
emissions dramatically and save more than
US$800,000 per year. The hydroelectric scheme
is being built by Hidropesac SA, a subsidiary of
Malaga Inc, in partnership with Electrokraft SA, a
A NEW BEGINNING
2007 HIGHLIGHTS
■Commercial production began at Pasto Bueno
in April
■Sales of WO3 concentrate (MTUs):
Q1 12,005 Q2 15,745
Q3 14,704 Q4 14,882
Total 57,336
■Maximum milling capacity of 250tons/d
reached in June
■Average year-round ore-grade milled 1%;
recovery rate 82%
■Concentrate contains 75.46% WO3 and low
impurities (Malaga-grade concentrate)
Peruvian energy company, and
Emerging Power Developers SA,
a Swiss hydroelectric company.
HIGHER ORE GRADES
Tungsten mineralisation at the Pasto
Bueno mine is present in veins,
stockwerks, lenses, etc. It is highly
variable – a recent series of 57 samples taken from
three tungsten-bearing veins (Consuelo, Alonso and
Maria Luisa) had grades ranging from 0.45% to 8.02%
WO3. Over the past 18 months, Malaga has found
more than 40 new veins, of which 25 are major
structures. Based on the initial results of an ongoing,
US$2 million drilling campaign that began in 2007,
Malaga has initiated an underground resource
2005 Price of WO3 concentrate reaches US$180-200/MTU
Dynacor Mines (Malaga) buys 100% of the Pasto Bueno mine
2006 Malaga invests US$7.5 million to restart the mine and plant
Malaga signs three-year off-take agreement with Osram Sylvania
2007 March Malaga announces US$2 million exploration and drilling campaign at Pasto Bueno
November Malaga discovers new WO3 mineralised zones
December Phase 1 of hydroelectric project completed
2008 January Phase 2 of hydroelectric power-generation project initiated
February Malaga announces discovery of new WO3 mineralised structures and veins
Malaga starts underground resource-development programme
HISTORY (1910-2002)
1910s Surface outcropping WO3 discovered
1920s-40s Informal small-scale mining
1940 Industrial mining begins
1980-83 Peak production years ≈70,000MTU/y
1984-93 Production falls; no new investments
1994 Avocet buys controlling interest from
Santolalla family
1995 Avocet invests US$1 million to
increase production
1998 WO3 concentrate production of
25,100MTU
1998 Avocet sells 80% interest back to
Santolalla family
1999-02 Production drops to 5,000MTU/y by 2002
2002 Mine closes and declares bankruptcy;
price of WO3 concentrate is US$45/MTU
development programme, involving the excavation of
new galleries and inclined shafts, to gain access to new,
higher-grade zones for mining.
INCREASED CAPACITY
The company plans to increase its production capacity
from the current maximum of 250t/d to 500t/d by
mid-2009. Based on the current operating environment,
increasing production capacity to 500t/d would
lower the unit production cost signifi cantly. Finally, the
results of the drilling campaign and undergrounddevelopment
programme will enable Malaga to defi ne
new tungsten reserves, based on which it intends to
build a new plant with a much higher milling capacity.
CONTACTS
PROFILE
Malaga Inc
Canada:
2000 McGill College, Suite 510, Montreal,
Quebec H3A 3H3
Tel: +1 514 288 3224 Fax: +1 514 288 8179
Email: investors@malaga.ca
Peru:
Calle Luis Pasteur 1297, Lince, Lima
Tel: +51 1 440 1728 Fax: +51 1 421 3643
Website: www.malaga.ca
June 2008 Mining Journal special publication Tungsten 11

12
PROFILE
North American
Tungsten’s three
pillars of strength
NORTH American Tungsten Corporation
(NTC: TSX-V) is a publicly-listed
Tier 1 junior resource company
that is primarily engaged in the
operation, development and
acquisition of tungsten and other related mineral
properties in Canada. The company’s 100%-owned
Cantung mine and Mactung development project
make it one of the few tungsten producers with a
strategic development asset in the politically stable
Western world.
The basis of NTC’s operations are made up of
three pillars of strength and achievement: the Cantung
mine, the Mactung project and the Tundra pilot plant.
FIRST PILLAR – CANTUNG
The fi rst ‘pillar’ is the wholly-owned Cantung mine,
located in Canada’s Northwest Territories. The
underground mine, which is a primary producer of
tungsten concentrate, opened in 1962. After a period
of being on care and maintenance it is now back in
operation and currently produces approximately
300,000MTU of tungsten concentrate (WO3) per year
(2007 production: 286,031MTU).
Recent underground development and exploration
drilling has intersected high-grade zones, some of
which are proximal to existing mine workings.
Selected high-grade results from recent drilling
include: 16.5ft at 5.72% WO3; 16.9ft at 4.16% WO3;
CONTACTS
North American Tungsten Corporation
1640-1188 West Georgia Street, Vancouver, BC
V6E 4A2, Canada
Tel: +1 604 684 5300 Fax: +1 604 684 2992
Mobile: +1 604 512 1400
Contact: Toni Williamson PhD,
corporate geologist
Email: Twilliamson@natungsten.com
Web: www.natungsten.com
June 2008 Mining Journal special publication Tungsten
MACTUNG
Key points to consider when considering the
vast size and grade of Mactung are:
■Mactung’s grade is signifi cantly higher than
the average grade of currently operating
Chinese tungsten mines
■Mactung is located in a politically-stable
country with transparent mining and
ownership laws
■At current tungsten prices, Mactung is worth
approximately US$6.1billion. To put this into
context of more familiar metals, this equates to
a 12Moz gold deposit (at US$650/oz) or an
80Mlb uranium deposit (at US$100/lb U3O8)
■One MTU is equal to 10kg of WO3 per
tonne, or 7.93kg of pure tungsten, and is the
standard weight measure used in the industry.
12ft at 3.24% WO3; 16.9ft at 4.16% WO3 (U-1233);
33ft at 3.24% WO3, including 16.5ft at 5.72% WO3
(U-1244); and 33.3ft at 1.81% WO3, including 12.8ft at
3.14% WO3 (U-1245).
An independent, updated resource estimate is
expected to be complete in the latter half of 2008.
The existing indicated resource (NI43-101-compliant
from September 2006) comprises 3.0Mt grading
1.21% WO3 (3.5 million STUs); 734,000t of inferred
resources grading 0.74% WO3 (543,000STUs); and
approximately 1Mt of probable reserves grading
1.17% WO3 (1.2 million STUs).
SECOND PILLAR – MACTUNG
The Mactung project is by far the company’s largest
asset and second pillar because of its size, grade and
location. It is one of the largest known undeveloped,
high-grade, tungsten-skarn deposits in the world. The
project, located in the Yukon, is NI43-101 compliant,
with indicated resources of 33Mt grading an average
of 0.88% WO3, and an inferred mineral resource
estimate of 11.3Mt grading 0.78% WO3.
Wardrop Engineering Inc reviewed the historical
feasibility studies to produce an undated economic
assessment on Mactung in October 2007, after which
a feasibility study commenced on the project. The
bankable feasibility is on target to be complete by
August 2008. At this time all permits will be fi led,
including mining, environmental and water permits,
followed by construction, with a target for Mactung to
be operational by 2012.
THIRD PILLAR – TUNDRA
The third pillar of NTC is one that makes the
company vertically integrated in the tungsten
marketplace. The Tundra joint-venture pilot plant,
located near Minnesota’s White Bear Lake, started
test production in late 2006 and has yielded
ammonium paratungstate (APT) of the highest grade
and purity (wire grade 99.9%). The transaction to
Buffalo Tungsten, a major supplier of tungsten and
tungsten-related powders in the world marketplace in
Buffalo, US, was at a premium to the average Metal
Bulletin price for APT.
The pilot plant has the ability to produce the
highest-purity APT and composite material from
incredibly low-grade concentrate. It has recently had
an economic audit completed, which involved
additional testing and evaluation at a continuous plant
operational level, to aid in making a commercial and
economically-viable decision. The APT produced has
exceeded expectations for trace-level impurities, thus
providing an enhanced fi nal APT product.
The location of the Tundra JV makes it eligible for
government incentives such as discounted electricity.
This is a bonus in minimising capital expenditure and
operating costs throughout the life of the plant.
Tungsten APT has a two-year average price of
about US$250/MTU, and prices have recently
remained above US$253/MTU on the back of
continued tight Chinese supply and robust demand.
With more industrial applications appearing on the
marketplace using tungsten, such as steel strengtheners
and drill bits, one specialist niche is potentially
able to use up to 10% of the global supply of tungsten
in the near future. Tungsten is being used in leadreplacement
applications due to its densifi cation and
non-toxicity attributes, and it has already been
successfully substituted for lead in fi shing sinkers and
jigs, ballistics and x-ray machines.

Oriental Minerals is developing one of
the world’s largest tungsten projects
ORIENTAL Minerals is a
Canada-based exploration and
mine-development company
with a diverse portfolio of
precious and base-metal projects
in South Korea. These include the Sangdong
tungsten-molybdenum mine and the Ogcheon
uranium project, as well as a number of other
properties with signifi cant known mineralisation
and excellent regional potential.
The company has assembled a highly-skilled,
locally-based, bilingual technical team and a board
of directors with outstanding and relevant
experience. Oriental Minerals is the only
operating Western exploration company in South
Korea and it has signifi cant early access to
available opportunities countrywide.
Oriental Minerals is focusing its primary efforts on
the Sangdong tungsten-moly project; historically, one
of the world’s largest producing tungsten mines. In
mid-2006 the company acquired Sangdong, which was
closed in 1992 due to low commodity prices, and
restarted drilling in early 2007 to re-evaluate its
bulk-mining potential (only high-grade veins were
previously mined). Soon after, the company identifi ed
a mineralised zone measuring 600m by 1,200m and
150-200m thick.
In March, Oriental Minerals released an NI43-101compliant
resource estimate (based only on the fi rst
42 holes drilled), which put the Sangdong resource at
12.7Mt of 0.32% WO3 (tungsten), and 0.06% MoS2
(molybdenum) indicated plus 67.7Mt of 0.29% WO3
and 0.06% MoS2 inferred. This estimate made
Sangdong one of the largest undeveloped tungsten
deposits in the world.
Since then, Oriental Minerals has drilled an
additional 37 holes (for a total of 79 holes drilled) and
completed a total of 20,000m of drilling. Four drill rigs
continue to turn at Sangdong, both infi lling and
stepping out, as the company moves towards
completing its current 87-hole drill programme.
Wardrop Engineering is working on a preliminary
economic assessment (PEA), also known as a scoping
study, which should be completed by the fourth
Oriental Minerals
24th Floor, 1111 West Georgia Street
Vancouver BC V6E 4M3, Canada
E-mail: skletas@orientalminerals.com
Website: www.orientalminerals.com
Contact: Spiro Kletas
Tel: +1 604 681 5755
Fax: +1 604 684 2990
Ticker: TSX.V:OTL
quarter of this year. Included in the PEA will be the
results of Oriental Minerals’ last 45 holes of its
current drill programme, which should result in a
substantial increase in the resource. Furthermore,
environmental and metallurgical studies are ongoing.
The company recently sent a 600kg sample for
metallurgical testing to SGS in Cornwall, UK.
Oriental Minerals intends to fast-track Sangdong
into production and is planning to commission a
feasibility study soon after completion of the PEA.
South Korea is an independent country with strong
US ties, and it is a key trading partner with Canada
and Australia. The world’s tenth-largest economy,
South Korea welcomes overseas investment, having
recently increased foreign-ownership allowance from
49% to 100%. The country has well-established,
workable mining laws, a locally-available trained mining
workforce and excellent logistics infrastructure.
South Korea is centrally located in Asia, where the
high industrial growth rates are driving demand for
tungsten and molybdenum.
The world’s largest producer, China, recently
restricted the export of these metals as they are
needed for its own consumption. Many observers are
forecasting increased consumption and global pricing
for tungsten and molybdenum, driven mainly by
growth in Asia. Both tungsten and molybdenum are
used as alloys in steel-making.
South Korea is home to some of the largest
consumers of tungsten and molybdenum – such as
steel-maker Posco, Hyundai Heavy Industries (the
world’s largest ship-builder) and TaeguTec (part of
Warren Buffet’s IMC Group) – and they currently
import 100% of both metals for their use.
Even though an updated NI43-101 is expected to
increase the size of the deposit, Oriental Minerals
already has a signifi cant amount of tungsten and
molybdenum in situ. The current resource estimate
equates to roughly 522Mlb of tungsten (currently
priced at approximately US$13/lb) and 81Mlb of
molybdenum (about US$32/lb).
To add to the above, Sangdong has a historic
‘deep molybdenum’ zone identifi ed and drilled out
by the Koreans in the 1980s. It is estimated (non-
NI43-101-compliant) to be 120Mt at 0.14% MoS2,
including a high-grade section of 16Mt 0.40% MoS2.
This ‘deep moly’ zone has been drilled by Oriental
Minerals. However, the zone has not been included
in its current resource estimate. Its drill result from
this zone, though, returned 441m of 0.10% MoS2
beneath 177m of 0.16% WO3 (hole SD-20).
All drill results so far confi rm the company’s original
theory of the bulk-mining potential at Sangdong. While
there is a lot of work to do to prove up the resource,
and numerous studies that will need to be completed,
the future looks highly encouraging for Oriental
Minerals and its tungsten-molybdenum project.
CONTACTS Sangdong, looking west (below); drill hole (above)
PROFILE
June 2008 Mining Journal special publication Tungsten 13

14
PROFILE
Fast-tracking an early production
opportunity in Spain
ORMONDE Mining plc has plans to
become a signifi cant European
tungsten producer by fast-tracking the
development of its Barruecopardo
project in Spain. Ormonde recently
reported a threefold increase in the resource
estimate for the project, which now stands at 3Mt at
an average grade of 0.6% WO3, or 18,000t of contained
WO3. Engineering studies are now in progress to
facilitate an early production decision, with initial
tungsten production targeted for the end of 2009.
BACKGROUND
Located in an historic tungsten-producing area in the
Salamanca Province of western Spain, Barruecopardo
operated as an open-pit tungsten mine until the early
1980s. Like most Western tungsten mines, the operation
was forced to close at that time due to the low
prices forced upon the market by low-cost Chinese
producers. With a production rate of up to 800,000t/y,
it was one of Europe’s largest tungsten mines,
producing a very high-quality scheelite concentrate.
Ormonde acquired the rights to Barruecopardo in
2005 as part of a joint venture with private Spanish
companies over an extensive ground package in west
Salamanca prospective for both tungsten and gold.
Through funding the evaluation programmes on
Barruecopardo and other prospects in the permit
area, Ormonde currently has a 90% interest.
Located on a brownfi eld site, the project is well
served by existing road and power infrastructure and
it enjoys strong community support.
Detailed plan of the Barruecopardo project
June 2008 Mining Journal special publication Tungsten
GEOLOGY
Tungsten mineralisation at Barruecopardo occurs
as scheelite and wolframite in quartz veins that
form part of a major granite-hosted vein swarm.
Ormonde’s drilling has shown that the vein
system has a total strike length of over 1,500m
and extends deeper than 200m. The system is
open both along-strike to the north and south,
and at depth. Veins generally have a NNE strike
and dip steeply to the east. Greisen alteration is
commonly associated with the quartz veins.
EXPLORATION
Ormonde’s drilling programme in 2006-07 initially
focused on high-grade tungsten veins occurring in the
northern extension of the main open-pit mine (in the
Filon Maestro mineralised zone). In late 2007 and
early 2008, initial drilling of the southern area below
the old open pit (targeted on the Filon Principal
zone, which has a known strike length of 850m)
demonstrated the potential for signifi cant widths of
high-grade tungsten within a broader, low-grade zone.
Drilling has now defi ned a tungsten deposit at
Barruecopardo with multiple mineralised zones.
The new resource estimate for the project, prepared
by independent consultants CSA Global, is 3Mt grading
0.60% WO3 in the JORC inferred category, up threefold
on the company’s previous estimate. The scale of the
increase in the resource refl ects the success of the
company’s drilling programmes and the identifi cation of
new resource zones along the known 1.5km strike
length of the Barruecopardo deposit.
There is extensive, additional resource potential as
the resource zones remain completely open along
strike and at depth. Additional resource targets
include the adjacent Valdegallegos area, where a single
Ormonde drill hole returned a high-grade tungsten
interval, and several other prospect areas within the
company’s extensive ground holding surrounding
Barruecopardo. Further drilling success in these areas
would add to the project’s long-term resource base.
ORDER-OF-MAGNITUDE STUDY (JAN 08)
The mining assumptions in the study are for an initial
production rate of 200,000t/y, with underground
access and ore transport via a decline from the
surface. The steep dips, good ground conditions and
visually distinctive mineralised zones should make for
favourable mining conditions. The mining method
envisaged by the study is predominantly mechanised,
long-hole stoping with occasional use of shrinkage
stoping. A minimum mining width of 2m was assumed
for the mechanised mining method. The production
rate may be increased post start-up when exploration
of the other zones is advanced and multiple access
points have been developed to all tungsten zones.
Barruecopardo open-pit tungsten mine when operational
MINERAL PROCESSING
Scoping metallurgical testwork carried out last year
showed that the tungsten minerals are coarse-grained
and will be concentrated effectively by traditional,
low-cost gravity equipment. The order-of-magnitude
study therefore assumed that the tungsten ore would
be processed via a three-stage crushing, a rod mill for
coarse grinding, a gravity preconcentration circuit
(using a combination of jigs and spirals) and a fi nal
clean-up circuit to produce a saleable concentrate.
The study assumed overall tungsten recoveries of
70-80%, based on the results of the scoping testwork
and documentation from the historic Barruecopardo
open-pit operation. These grades and recoveries
would result in production of around 90,000mtu of
WO3 per year. Additional testwork is in progress to
facilitate detailed process-plant design.
FINANCIAL ANALYSIS
The study’s preliminary capital-cost estimate is
€10-15 million. This is for the development of an
underground decline mine, construction of a 28t/hr
processing plant and site infrastructure. Operating cost
estimates are €23-45/t, with fi gures varying depending
on the proportion of mechanised to shrinkage stoping.
Based on these costs, with head grades varying from
0.6-0.7% WO3, and assuming tungsten concentrate
prices of US$180/mtu WO3, the proposed 200,000t/y
operation at Barruecopardo could generate an annual
cashfl ow in the region of €5 million.
CONTACTS
Ormonde Mining plc
Metges Lane, Navan, Co Meath, Ireland
Tel: +353 46 9073623 Fax: +353 46 9073654
Web: www.ormondemining.com
Contact: Fraser Gardiner
E-mail: fgardiner@ormondemining.com

Wolfram Camp reopened,
recapitalised and revitalised
WOLFRAM Camp, Australia’s
most historic producer
of signifi cant quantities of
tungsten, molybdenum and
bismuth, begins production
and concentrate shipments in July, marking Australia’s
return as a producer of tungsten concentrate.
Almost two decades after Wolfram Camp’s closure,
the A$30 million redevelopment (including new
crushers, screens and concentrators) will see the
transition of the mine’s new operator, Queensland
Ores Ltd (QOL), from explorer to a debt-free and
cashfl ow-producing tungsten and molybdenumconcentrate
exporter.
QOL holds an 85% interest in the project, with
Tropical Metals Pty Ltd holding the other 15%. Located
90km west of Cairns in north Queensland, Wolfram
Camp was fi rst discovered in 1894. During a century
of sporadic activity, the camp produced over 10,000t
of wolframite, molybdenite and bismuth concentrates.
QOL listed on the Australian Stock Exchange in 2005
(ASX: QOL), and redevelopment and construction work
at Wolfram Camp began in November 2007. This May
saw ore being fed into the new crushing plant in
preparation for fi rst concentrate sales in July.
At an ore-feed rate of 150,000t/y, QOL is expected
to produce a yearly average of some 600t WO3 in a
65% wolframite concentrate and 250,000lb Mo in a
50% molybdenum concentrate. At current prices this
would provide the fi rm with revenue of A$20 million
per annum. The in-ground value of the ore (at current
prices) is about US$140t while operating costs are
estimated at A$75/t of treated ore.
In May, QOL announced a A$12 million capital
raising that will leave the company debt free and with
additional exploration funds to conduct near-mine
defi nition drilling to increase the size of the current
Wolfram Camp resource.
QOL’s managing director, Taff Greenwood, says it
has been a “fascinating journey for Queensland Ores
in the past six months. Just as we were ticking all the
right boxes on construction, world fi nancial and credit
markets started to deteriorate. To have raised
A$12 million at such a time I see as a vote of
confi dence in the project and the opportunities we
see for expansion.
“The construction strategy of using prefabricated,
modular components wherever possible has assisted us
greatly. To deliver a mining project within six months is
very satisfying,” he continues. “After getting the mine
RESOURCE POTENTIAL
The Joint Ore Reserves Committee (JORC)compliant
resources for Wolfram Camp
comprise: measured resources of 598,200t at
0.42% WO3, 0.17% MoS2, 0.03% Bi; indicated
resources of 111,500t at 0.41% WO3, 0.16%
MoS2, 0.03% Bi; and inferred resources of
238,300t at 0.4% WO3 and 0.2% MoS2.
“Once we have defi ned a larger resource
we can review our options for production
expansion,” says Mr Greenwood.
QOL will also review its options for
Bamford Hill, located 30km south of
Wolfram Camp, where the company is
earning up to an 85% interest. The area
covered by the Bamford Hill EPM has
previously produced signifi cant quantities of tin,
tungsten, molybdenum, bismuth, silver and lead.
“Bamford Hill is a fascinating prospect for us.
Do we develop and truck the ore to Wolfram
Camp or will a potential resource there justify
a stand-alone operation? Admittedly, these are
decisions for some time in the future, but they
highlight the fl exibility we now have to look at
all our options to increase production in a
region that for a century has been so rich and
productive of these specialty metals.”
term. The options are now before us to look at ways
to increase the Wolfram Camp resources and plant
throughput. The longer-term possibility of trucking in
ore from the nearby Bamford Hill exploration
tenements, where we are earning a stake of up to
85%, is also an exciting thought.”
Mr Greenwood adds that “the real focus for the
next six-to-nine months will be to get to steady-state
production at Wolfram Camp and increase the
in-ground resource towards 3Mt, so lifting the current
mine life from its nominal four years to, say, 15 or
20 years. This would have a material impact on our
long-term planning and fi nancial outlook.”
OFF-TAKE AGREEMENTS
QOL has concentrate off-take agreements with
Citic Australia and the right to test the market
in the fi rst year. There is an option to extend the
off-take agreement to four years.
Unexpected fi nd of Wolframite at
the location of the mine’s fi rst blast
lower-grade mineralisation,
which appears to exist in sheets
of variable thickness, was not
extracted and has been the
main target of QOL’s evaluation work.
Historical production has been heavily infl uenced
by commodity prices, increasing signifi cantly during
World War I, but with a rapid reduction in production
soon after. Production rebounded in the late 1960s
and again in the 1970s before underground extraction
became increasingly diffi cult and costly. When
commodity prices fell in the 1980s the fi eld became
uneconomic and mining operations ceased.
MINE DEVELOPMENT
In 2004, QOL looked to revitalise Wolfram Camp
using modern mining and treatment methods and take
a regional perspective to exploration.
The ore and waste is being mined by conventional
open-cut means from 1.5m-high fl itches and then
hauled to a run-of-mine stockpile or waste dump by
40t, six-wheel-drive articulated dump trucks. The ore
is treated in a custom-designed treatment plant by a
combination of fl otation and gravity techniques.
The current pit design is 650m long by 150m wide,
and the four-year mine plan envisages a strip ratio of
7:1, with 4.2Mt of waste required to be mined to
recover 600,000t of ore for the 150,000t/y mill feed.
CONTACTS
PROFILE
into production we will be able to focus on the longer
MINE HISTORY
The hard-rock mines of the Wolfram Camp mineral Queensland Ores Ltd
fi eld have recorded a combined output of at least Level 3, 201 Leichardt, Springhill QLD 4000,
10,000t of wolframite, molybdenite and bismuth
PO Box 1078, Springhill QLD 4004, Australia
concentrates. Although eluvial and early underground Website: www.qol.com.au
production is poorly recorded, the main periods of Email: reception@ores.com.au
production included 1908-20, 1967-72 and 1978-82. Tel: (07) 3230 2000 Fax: (07) 3831 7663
Early surface workings led to the discovery of
high-grade quartz pipes, which were then worked by
underground means. These pipes ranged from less
than 1m in diameter to 10m by 15m in plan, and had
down-plunge lengths often exceeding 100m. Lowergrade
mineralisation surrounds the pipes and has
been mined in some cases. However, the bulk of this
ASX Ticker: QOL
June 2008 Mining Journal special publication Tungsten 15

www.vitalmetals.com.au
PO Box 8243 Subiaco East ~ Western Australia 6008
Ph: +61 8 9388 7742 Fax: +61 8 9388 0804
ABN 32 112 032 596
Image: Aerial View of Watershed Camp and surrounding landscape