New kid on the block, tungsten on the rise and all this in devon....what devon ?.....yes : devon...by jove....!.

Hemerdon Tungsten Project Pre-Construction Update

· Review of capital and operating costs
· Forecast tungsten prices have strengthened
· EPC contractor to commence project construction this month

Specialty metals development company, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) (Wolf, the Company) is pleased to provide the following update on recent and planned activities at its world class Hemerdon Tungsten and Tin Project (Project) in the southwest of England.

Project Milestones
On 16 May, 2011, the Company announced the results of its Definitive Feasibility Study (DFS) for the Hemerdon Project.

Since completing the DFS, Wolf has successfully advanced the project to now being 'construction-ready', with the following key milestones achieved in recent months:

Financing
· A US$75 million Bridge Finance Facility secured from major shareholder, Resource Capital Funds, to commence design and construction work;
· Senior Project Finance Facilities of £75 million from ING, Unicredit and CAT Financial are in place;

Operational
· £75 million fixed price, fixed term EPC contract awarded to GR Engineering Services (ASX: GNG) for the design and construction of the process plant;
· £85 million Mining Services contract awarded to CA Blackwell Ltd to mine the open pit and build the mine waste facility;
· All major permits to proceed with development have been received; and
· The properties to be acquired as a condition of the Planning Permission have all been purchased.

Wolf is now finalising the arrangements to complete project funding in parallel with project site activities.

Project Timetable
The Project remains on schedule to commence earthworks this month with construction scheduled to commence during Q2 2014. First production is timetabled for the second half of 2015.

An indicative timeline of activity through to production is available in an updated presentation, on the Company's website.

Capital Costs
Since announcing the positive results of the DFS in May 2011, detailed design for the Project has been undertaken. The capital costs for a 3 million tonne per annum project have been updated to reflect this detailed design work and to account for any variance in costs in the period of time since the initial costs were estimated in the DFS.


more...

Will come right in the end....just have to sit tight on this one...

Worth a read - Tungsten miner hardens big plans in Devon

Numis Buy 20.75 20.75 - 30.00 Initiates/Starts

skin worth a punt, no stamp duty and isable

I've been in since last June.

FT video should generate some investor interest especially in Devon now that the mine is under construction.

RF - can you put a chart in the header.

Quarterly Report

Highlights from the December quarter include:

✓ Pre-construction update at Hemerdon Project, subsequent to quarter end

o Capital and operating costs updated
o Tungsten price forecast to strengthen
o Project is 'construction-ready' - construction to begin in February.

✓ Class A Mining Environmental Waste Permit granted for Hemerdon Project.

✓ Completion of property acquisitions required for development of project.

✓ Russell Clark appointed Managing Director.

✓Nick Clarke appointed to board as Non-executive Director, subsequent to quarter end.

NOTE:
A Metric Tonne Unit (mtu) is equal to ten kilograms and is the standard weight measure of the tungsten trade.


Pre-construction update provided for Hemerdon Tungsten-Tin Project

Subsequent to the quarter (ASX announcement, 20 January 2014) the Company provided a pre-construction update covering recent and planned activities at its world class Hemerdon tungsten and tin project in Devon, in the southwest of England.

Highlights of this update are provided below;

Project Milestones
· In May 2011, Wolf announced results of its Definitive Feasibility Study (DFS) for the Hemerdon Project and has now advanced the project to being 'construction-ready', with the following key milestones achieved in recent months:
o A US$75 million Bridge Finance Facility secured from major shareholder, Resource Capital Funds, to commence design and construction work;
o Senior Project Finance Facilities of £75 million from ING, Unicredit and CAT Financial established;
o £75 million fixed price, fixed term EPC contract awarded to GR Engineering Services (ASX: GNG) for the design and construction of the process plant;
o £85 million Mining Services contract awarded to CA Blackwell Ltd to mine the open pit and build the mine waste facility;
o All major permits to proceed with development have been received, and all properties required to be acquired as a condition of the project's Planning Permission have been purchased.

Project Timetable
· The Project remains on schedule to commence earthworks next month with construction scheduled to commence during Q2 2014.

Capital Costs
· Since announcing the positive results of the DFS, detailed design for the project has been undertaken and capital costs have been updated to reflect this work and to account for any variance in costs in the period of time since the initial costs were estimated in the DFS.
· The updated capital cost of the project is £123.2 million of which £106.7 million remained as at 1 December 2013.

Operating Costs
· As previously reported, the Company has appointed a mining contractor, an EPC contractor and has also recruited a local management team. With these key components now in place, the Project's operating costs have also been updated from those reported in the DFS to reflect current costings.
· The updated average C1 cash cost for the operation is US$109 per mtu tungsten (mtu = metric tonne unit = 10kg) net of by-products.

Financing
· The US$75 million Bridge Finance Facility is due to repaid by 7 June 2014 and first draw-down of the £75 million Senior Project Finance Facilities is subject to completion of conditions precedent (many of which have been satisfied) customary for a financing of this nature, including repayment of the Bridge Finance Facility.
· Wolf is now finalising the arrangements to complete project funding in parallel with project site activities.

Tungsten Market
· The Tungsten market has strengthened since the release of the DFS in 2011, with the current price range of US$370 - 390 per mtu. As announced on 20 January 2014, the Company commissioned an independent review of forecast tungsten prices with the following results:


more..

Sorry Skinny...my IT skills are very limited....

Rf just go to your first post and edit, copy and paste a 520 size chart code using the link button in edit.

I'll try over the weekend when I have more time....I can't promise anything because I've tried to do this before with another stock without success...

Make the chart look the way you want it, click paste chart to bulletin board, highlight ALL text from beginning to end and copy. Go to your fist post, click edit, where you wrote your post, click where you finished writing to put a cursor flashing, hit return button to lower it to next line. Click the chain link button at top, in the first box click once only making the http blue, then right click and paste your chart code in, click ok. 2nd box just click ok, this is where you would put a title if needed. check that it all works in preview, then post if all ok. BB

RF - if you copy and paste the following, it should work (sorry about the page wrap)

<img src="http://charts.moneyam.com/Chart.aspx?Provider=EODIntra&Code=WLFE&Size=900&Skin=BlackBlue&Type=3&Scale=0&Cycle=DAY1&Span=MONTH9&OVER=MA(13);MA(50);MA(200)&IND=MACD(26,12,9);RSI(14);VOLMA(60)&Layout=2Line;Default;Price;HisDate&XCycle=&XFormat=" />

Investec Buy 22.38 28.00 28.00 Reiterates

I'll have a go tomorrow Skinny...not very good on that line of work...this (the sp) should get going this year...

Also see post 66 RF

Ok, if you copy the 2 lines in post 67 and paste them into your header, you will get this, but as BB says - pick your own chart if you want.

OK...will try....it'll be a miracle if I manage this...

He who dares Rodney, he who dares...