Business
Demesne Resources Ltd. Responds to China Tightening Tungsten Export Controls by Planning to Update Historical Resources at Past-Producing IMA Tungsten Mine
Demesne Resources Ltd. Responds to China Tightening Tungsten Export Controls by Planning to Update Historical Resources at Past-Producing IMA Tungsten Mine.
About this update from American Tungsten Corp.
[{"type":"text","content":"\n - NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES – China controls ~80%+ of global tungsten extraction & processing and has recently announced measures to curb its supply into North AmericaThere are no domestic tungsten producers in the United StatesDemesne is assessing the potential for the IMA Mine to play vital role in establishing domestic tungsten supply and onshoring production capabilities Vancouver, BC, Nov. 21, 2024 (GLOBE NEWSWIRE) -- Demesne Resources Ltd. (CSE:DEME) (OTCQB:DEMRF) (“Demesne” or the “Company”), in response to China’s intention to restrict tungsten exports, plans to update and define the historical resources of the past producing, Idaho-based IMA Mine tungsten-molybdenum property, while exploring the opportunity to bring onshore tungsten mining and production capabilities into the United States. Key to the process will be defining and finalizing the scope of work needed to complete an updated 43-101 technical report and mineral resource estimate. Amidst a backdrop of China controlling an estimated 80%+ of global tungsten extraction and processing,1 and the absence of domestic tungsten producers in the U.S., China’s planned export restrictions underscore the need for a reliable, domestic supply of defense critical metals for America. Demesne's CEO, Murray Nye, commented: “With the option to explore and develop the IMA Mine in Idaho, we find ourselves in the right place at the right time with the potential for domestic tungsten production. The IMA Mine is a past-producer. It’s sitting on patented ground and is readily permittable for exploration. In the near-term, we hope to re-new the IMA Mine’s historic resources, add resource tonnes, and drive toward a mine restart. Historically, capital has been invested in IMA over many years to advance the project by junior and senior mining exploration companies, including the Bradley Mining Co., AMAX, and Anglo-American subsidiary Inspiration Development. Now, it’s in the hands of the experienced Demense’s team to determine the next chapter in the IMA Mine’s productivity.” Tungsten is listed as a Critical Metal by the U.S. Departments of Energy and Defense, the U.S. Geological Survey, and Canada's Ministry of National Defense. Following former U....