13 January 2012
Wolf receives UK Government support for Hemerdon Tungsten Project UK Minister of State for Trade and Investment acknowledges importance of Project
Specialty metal exploration and development company Wolf
Minerals Limited (ASX: WLF) (AIM: WLFE) (Wolf, the Company)
is pleased to announce that it has received formal UK
Government support for the development of its Hemerdon
Tungsten and Tin project in Devon, in Southwest England.
The support comes directly from the UK Minister of State for
Trade, Lord Green of Hurstpierpoint, and represents a
significant acknowledgement of the importance of the Hemerdon
project to the local community and to the UK and wider
EU.
The Minister has taken the step to write to Wolf to offer his
support to the Company following the successful completion of
planning consents for the development of the Hemerdon
project.
Lord Green said that he hoped the Company would now be able
to proceed quickly with the development of the project.
In offering his support to Wolf, Lord Green said: "This is an
important project for a number of reasons; to the local
community in terms of jobs and wealth creation and to the UK
and wider EU in securing supplies of tunsten. I am aware that
tungsten ranks highly in both the British Geological Society
and EU's critical raw materials lists and that it has unique
properties that are impossible to replace in certain
specialised industrial applications."
The UK Government support for the development of the Hemerdon
project comes after Wolf announced on 19 December 2011 that
it had mandated UniCredit Bank AG (UniCredit Corporate &
Investment Banking), ING Bank N.V. and Caterpillar Financial
SARL to seek credit approval for £55 million (AUD$81.8
million) in senior debt finance facilities to fund the
commercial development of the project, and that it had
received all relevant planning permissions for the Hemerdon
link road and had appointed contractors to construct the
road, as announced on 15 December 2011.
Wolf Minerals Limited
ASX: WLF AIM: WLFE
Capital Structure
84.67M ordinary shares
21.57 M listed options
7.65M unlisted options
Mkt Cap @ 30c: ~A$25M
Board of Directors
John Hopkins
Non-Executive Chairman
Humphrey Hale
Managing Director
Jim Williams
Non-Executive Director
Don Newport
Non-Executive Director
Chris Corbett
Non-Executive Director
Jonathan Downes
Non-Executive Director
Adrian Byass
Non-Executive Director
Richard Lucas
Company Secretary
Contact:
Humphrey Hale Managing Director Wolf Minerals Ltd.
22 Railway Road
Subiaco
WA 6008
Ph: +61 (0) 8 6364 3776
E: hhale@wolfminerals.com.au
James Moses
Media & Investor Relations
Ph: +61 (0) 420 991 574
E: james@mandatecorporate.com.au
Laurence Read/Beth Harris Threadneedle Communications Ph: +44 (0)20 7653 9855
E: beth.harris@threadneedlepr.co.uk
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ASX Code: WLF
Tel: +61 8 6364 3776 E: admin@wolfminerals.com.au
Level 1, 350 Hay Street, PO Box 935, Western Australia, 6008
www.wolfminerals.com.au
The requirement for the link road is specified in the
conditions of the main mine permit. It will be constructed to
remove a long term constriction in the transport network,
prior to developing the mine. The new road will benefit other
local extractive operations and create a long term piece of
infrastructure to support safe and efficient transportation
in the local area. Work on the link road is expected to start
this month and be completed in June this year.
Commenting today Humphrey Hale, CEO, said: "Support from the
UK Minister of State for Trade and Investment is extremely
welcome as we seek to build a new operating tungsten mine in
the South West of England. The £55 million debt funding Wolf
is seeking to secure supports the planned construction of the
Hemerdon project, based on the Definitive Feasibility Study
completed in May 2011. All three lenders are recognised
global leaders in mining project finance. The provision of
the senior debt finance facilities is now subject to
completion of the project finance documentation and the usual
credit approvals and conditions precedent customary for a
financing of this nature. The current timetable is for the
lenders to obtain credit approval for the facilities this
February.
Wolf is also in discussions with potential off-take partners
to provide subordinated debt. The total debt facilities will
enable Wolf to minimise the equity component of the funding
package required to put the Hemerdon project into
production.
ENDS
Managing Director
About Wolf MineralsWolf Mineral is an ASX listed and AIM listed specialty metals company focused on developing the world class Hemerdon Tungsten and Tin Project, in Devon, in the south-west of the UK. The Company holds an option over 100% of the Hemerdon project, which the Directors consider to be one of the largest undeveloped tungsten and tin resources in the western world. It is ranked as the fourth largest tungsten deposit in the world in terms of contained tungsten metal, by The British Geological Survey. The Company aims to develop the project into a large scale, open pit mining operation, which will position it as a world class tungsten and tin producer. Wolf recently released a positive Definitive Feasibility Study for the Hemerdon project, and it has updated planning permission for mining until 2021.
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