US Tungsten Corporation ("US Tungsten" or "USTU"), (OTCQB:USTU), a
company focused on becoming a near-term North American tungsten
producer with the re-development of the historically productive
Calvert Mine in SW Montana, would like to update investors on
recently disclosed material corporate events.
Effective October 1, 2012, US Tungsten Corporation (the
"Company") entered into a Property Option Agreement (the
"Agreement" or "Option") with Paul and Ted Antonioli (the
"Optionor") to clarify and confirm the rights and obligations of
the Company and the Optionor pursuant to the terms of the
Agreement.
Once exercised, and pursuant to the terms of the Option, the
Company would be responsible for the following obligations, on or
before the corresponding dates:
$5,000 by June 18, 2012;
$5,000 by October 1, 2012;
$15,000 by June 18, 2013;
$20,000 by June 18, 2014;
$25,000 by June 18, 2015;
$30,000 by June 18, 2016
$35,000 by June 18, 2017;
$40,000 by June 18, 2018;
$45,000 by June 18, 2019;
$50,000 by June 18, 2020;
$50,000 each subsequent year until an aggregate of $1,000,000 has been
paid to Optionor.
ROYALTY AGREEMENT:
Upon commencement of commercial production of the Property, the
Company shall pay the Optionor a Net Smelter Return Royalty equal
to 2% of Net Smelter returns. The Company may, within 9 months
after commencement of commercial production acquire one point eight
percent (1.8% of the total 2%) of the NSR Royalty from the Optionor
for $1,500,000.
INCREASES TO LAND POSITION:
On October 9, 2012 US Tungsten completed the registration and
acquisition of 65 newly staked mineral claims located in Calvert,
Montana. The claims were registered on behalf of the Company with
the U.S. Department of the Interior, Bureau of Land Management, at
a cost of $12,285. The claims span approximately 1,343 acres and
are contiguous with the three claims that constitute the Company's
recently optioned Calvert Property. The Option Agreement for the
Calvert Property was disclosed in our report on Form 8-K filed on
October 24, 2012. The newly acquired claims will form part of the
Calvert Property for the purposes of that Option Agreement and will
be subject to a 2% net smelter royalty.
PAST PRODUCTION, HISTORY, AND POTENTIAL:
The company's key Montana project is the 1,405-acre Calvert
tungsten property, located in Beaverhead county, southwest Montana.
Originally mined in the 1950s during the tungsten boom, the open
pit Calvert mine produced 102,800 tons of tungsten ore from 1956
until August 1957 when the U.S. government's purchasing program was
terminated. During its lifetime, the mine produced a total of
113,000 tons of ore which yielded 2,550,000 pounds of 1.1% tungsten
concentrate (Geach 1972; Krohn and Weist 1977). Considerable ore
could remain, as the property was never thoroughly explored or
mined.
Access to the property is by well-maintained paved and gravel
roads. The nearby towns of Dillon and Butte offer supplies and
skilled labor.
Matthew Markin, President -- US Tungsten commented:
"Going into this transaction we knew the Calvert Mine was a
prolific past-producer; which is the first principal of our
business plan-acquire tungsten properties with past production and
undisturbed reserves in place. Add to this the blue-sky of our
newly staked claims surrounding our proven areas, and we feel USTU
is a great opportunity.
"Tungsten prices have quietly outpaced the rise in gold since
the market crash in 2008. Tungsten also has serious supply
concerns, which may further add to these increases. More and more
uses for this strategic metal are being discovered all the
time.
"Couple this with our growing Management team and Board of
Directors, and we feel we have something impressive in the small
group of tungsten companies out there.
"We encourage all current and potential Shareholders to learn
more about the tungsten market on our website (www.ustungsten.com)
under the "Investors" and "Tungsten" sections.
ABOUT US TUNGSTEN CORP:
U.S. Tungsten Corp. was built upon one mandate: The best way to
solve the looming crisis in domestic tungsten supplies is to find
tungsten right here at home.
As a result, US Tungsten has assembled a team of tungsten
experts who are skilled and experienced in the exploration of this
specialty metal. The company's initial focus is in the western US
where tungsten was mined in the past, and is also home to many
discoveries that remain undeveloped. The last tungsten mine in the
US closed in 2000 and no domestic tungsten mining has occurred
since. Historic tungsten mines and occurrences are found in the
West, particularly in Montana, California, Nevada, Colorado and
Arizona.
Beginning early in 2012, the company launched their specialty
metals search in Montana. US Tungsten's first acquisition was a
property in the western portion of the state where historical
mining has produced high grade tungsten through 1956 - 1957.
Following our initial prospecting and assessment, we plan to
conduct initial exploration in 2012 and 2013.
US Tungsten's goal is to expand our holdings through aggressive
prospecting and staking across the western U.S, building a
domestic, secure project portfolio of tungsten and other specialty
metals projects.
For further information, please visit the company's website:
www.ustungsten.com
SAFE HARBOR STATEMENT:
"Forward-looking statements", as that term is defined in Section
27A of the United States Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. Statements which are not
purely historical are forward-looking statements and include any
statements regarding beliefs, plans, expectations or intentions
regarding the future including, but not limited to, additional
acquisitions. Actual results could differ from those projected in
any forward-looking statements due to numerous factors. Such
factors include, among others, the inherent uncertainties
associated with mineral exploration. US Tungsten, Corp. assumes no
obligation to update the forward-looking statements, or to update
the reasons why actual results could differ from those projected in
the forward-looking statements. Although we believe that the
beliefs, plans, expectations and intentions contained in press
release are reasonable, there can be no assurance that such
beliefs, plans, expectations or intentions will prove to be
accurate. Investors should consult all of the information set forth
herein and should also refer to the risk factors disclosure
outlined in our current and periodic reports filed from
time-to-time with the Securities and Exchange Commission.
Contacts: Circadian Group, Investor Relations Tyler Troup
Managing Director Toll Free: +1 (866) 865-2780 / Toronto: +1 (647)
930-1037 New York: +1 (646) 257-2444Tyler@Circadian-Group.com Web:
www.Circadian-Group.com DD portal:
http://www.circadian-group.com/client.html
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