Brazil - Currais Novos Tungsten Tailings Project, Brazil

Currais Novos: Low Cost Production of Tungsten with Potential to Expand

The project produces tungsten concentrate through the reprocessing and recovery of tungsten and molybdenum from two tailings piles deposited during the processing of ore from the Barra Verde and Boca de Laje tungsten-molybdenum mines.

Key Highlights:

• Plant commisioned in July, 2011
• Commercial production of tungsten announced December, 2011 
• Initially targeting 23,000 mtus (metric tonne units) of WO3 concentrate for 2012
• Increasing to 42,000 mtus in subsequent years
• Off-take in place for 100% of material with a major global tungsten end-user
• Indicated mineral resources of 3.46 million tonnes grading 0.12% WO3 and 1.74% F.
   - contains 7.2 million pounds of WO3.
• Inferred mineral resources were estimated to be 810,000 tonnes grading 0.093% WO3 and 1.44% F
  - contains 1.3 million pounds of WO3
• Preliminary exploration program underway at recently acquired properties in the immediate vicinity of project area
• Target to expand resources base and extend mine