• Agreement reached on the terms and conditions of the US$15million loan facility, which contains various conditions precedent to drawdown and offtake agreements with Mitsubishi RtMJ.

• The Company has issued tender documents and held discussions with selected engineering consultants for the engineering, procurement and construction management package (EPCM) and has also issued a number of long lead time equipment tender enquiries.

• The stockpile project is the initial phase of the Company’s two phase hard rock project development and will produce 76,500 metric tonne units (MTU) of tungsten concentrate per annum commencing in Q2 of 2016.

• Mitsubishi RtMJ may purchase 80% of production from the stockpile project and 50% of the production from the project’s second phase (open pit) development which will have a combined production of 270,000 MTU.

Read the rest of the press release: http://abid.co/pdf/n/4583/u/2673