Tungsten-Moly

In mid 2009, Metallica Minerals successfully acquired approximately 76% of Planet Metals Limited (previously Queensland Ores Limited) (ASX: ‘QOL’), following a Scrip for Scrip takeover bid and Rights Issue. The Company holds two significant resource projects – the Wolfram Camp Tungsten-Molybdenum Project and the Mount Cannindah Copper-Gold Project – both with granted Mining Licences and Wolfram Camp has full scale (150,000tpa) processing plant and equipment, which cost over $20 million. 

Wolfram Camp, the nation’s first tungsten-molybdenum mine developer in the current mining cycle, is located about 90 kilometres inland of Cairns and is 85% owned by Planet Metals, with the remainder held by its joint venture partner, Tropical Metals Pty Ltd. Concentrates of wolframite and molybdenite were being produced in late 2008, but the project is currently in care and maintenance due to commissioning problems, lack of sufficient working capital and now world tungsten and molybdenite prices in late 2008 early 2009. Further evaluation is undertaken including infill drilling at Wolfram Camp.

With funding from the current Rights Issue and support from Metallica Minerals, Planet Metals plans to conduct resource exploration drilling then a revised resource estimate expected to be completed by December 2009. The plant will also undergo a complete review and if necessary modification.

For further information on Planet Metals, please refer to: www.planetmetals.com.au.