Blackheath Acquires Option for Adoria Tungsten/Tin Project
December 30 2013 - 9:00AM
Marketwired
Blackheath Acquires Option for Adoria Tungsten/Tin Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 30, 2013) -
Blackheath Resources Inc. (TSX-VENTURE:BHR)(FRANKFURT:04B)
("Blackheath" or the "Company") is pleased to announce that the
Company has entered into a definitive agreement (the "Agreement")
for an option to acquire a 100% interest in the Adoria Tungsten/Tin
Project. The acquisition completes the Company's immediate goal of
holding high-quality, past-producing tungsten mines with the
potential for development of significant additional tungsten
resources in northern Portugal. Blackheath now holds the rights to
five licences including the Covas, Borralha, Bejanca, Vale das
Gatos and Adoria historic mines.
The Adoria mines surrounding the village of Cerva were important
producers of tungsten from 1906 until their closure in 1972 as a
result of depressed tungsten prices. At their peak, during World
War II, over 5,000 people worked in the mines to extract the
tungsten mineral wolframite together with lesser amounts of the tin
mineral cassiterite. Vein structures in the region are mostly
sub-horizontal and similar to those at the producing Panasqueira
Tungsten Mine. The Adoria Project is held in the Limoes exploration
concession which covers an area of 62.6 square kilometres located
about 90 kilometres northeast of Porto in northern Portugal.
Blackheath's President & CEO, James Robertson, commented,
"We are pleased to complete our current portfolio with this
historic tungsten producer under favourable terms. Work will
commence in early 2014 and will initially include mapping and
sampling over prospective areas of the permit."
Blackheath holds the option for Limoes from Mineralia - Minas,
Geotecnia e Construcoes, Lda. ("Mineralia") - through an
exploration concession (the "Concession") granted by the Government
of Portugal. The Concession is granted for a period of up to five
years, after which it may be converted into a preliminary
exploitation licence and a final exploitation licence successively.
Under the Agreement, Blackheath will undertake to fulfill the terms
of the Concession, include a minimum exploration expenditure of
EUR220,000 during the first two years. Blackheath will also pay
Mineralia EUR100,000 upon the grant of a preliminary exploitation
licence and a further EUR1 million upon mine production and the
grant of a final exploitation licence, at which time Blackheath
will hold a 100% interest in the project.
Further information about the company's activities may be found
at www.blackheathresources.com and under the company's profile at
www.sedar.com.
On behalf of the Board,
James Robertson, P. Eng., President & CEO
This news release was prepared by Company management, who
take full responsibility for its content. James Robertson, P.Eng.
is a Qualified Person as defined by National Instrument 43-101 of
the Canadian Securities Administrators. He has reviewed the
technical disclosure in this release.
Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
Blackheath Resources Inc.Alexander Langer604 684-3800604
669-2744info@blackheathresources.comwww.blackheathresources.com
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