Almonty Industries has completed an updated Feasibility Study for the Sangdong tungsten mine in Gangwon Province, South Korea.
Almonty CEO Lewis Black said: "The Feasibility Study update being published today resulted from information gathered during Almonty’s due diligence associated with the acquisition of Woulfe Mining Corp.
"The analysis of additional exploration data that was not previously considered as part of the old Feasibility Study that was filed on June 5th, 2015 led to the updated NI 43-101 technical report on Sangdong that was filed by Almonty on January 6, 2016. This in turn led to a review of the mining methods and mine development plan, which have now been adapted to Almonty’s overall vision for the long-term potential of the project.
"We believe the updated Feasibility Study changes the focus of the Sangdong Project to a larger, and potentially longer life mine than was originally contemplated. The work done to date on the updated Feasibility Study is what gave us the confidence to engage KECC, originally announced on January 6, 2016, to complete the engineering study of the project and lead us towards obtaining the final surface permits needed in order to begin construction."
The updated Feasibility Study does not change the mineral reserve and mineral resource estimates set forth in the December 31, 2015 technical report and is otherwise generally consistent with the contents of that report.