Wolf raises $3m for UK tungsten-tin project

Subiaco-based exploration company Wolf Minerals has completed a $3 million capital raising, through a share placement of 3 million shares @ $1.00 each, to advance the development of its flagship Hemerdon Tungsten-Tin project in the UK.

The Project currently has an 82Mt, at 0.22% tungsten trioxide and 0.022% tin, JORC compliant resource and has drilling planned for mid-year to further upgrade the resource.

A Bankable Feasibility Study has been commissioned on the strength of the scoping studies, and the BFS is anticipated to be completed in the second quarter of 2009.

Independent market research on Wolf Minerals Ltd has been completed by by specialist mirco-cap investment house Cygnet Capital Ltd.

Wolf has recently engaged Cube consulting Ltd and Ausenco Ltd to perform scoping studies to allow the board to decide the next stage of development for the Hemerdon Ball tungsten and tin mine.

These studies have proved very positive and indicate that the project is fast moving towards becoming a major tungsten mining operation.

The board has decided to commission a bankable feasibility study on the Hemerdon Ball mine on the strength of the scoping studies.