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Blackheath Signs Definitive Agreements for Borralha and Bejanca Tungsten Projects
December 12, 2012 Symbols: TSXV - BHR; Frankfurt - 04B
Borralha was Portugals second largest tungsten mine until its closure in 1985 as a result of a decline in tungsten price. Ore was mined primarily from vertical quartz veins, supplemented by limited open pit excavations in the later years. Initial work by Blackheath will focus on exploration of two large, partially-developed tungsten-bearing breccia zones and several relatively untested sub-horizontal tungsten and tin bearing veins. The Borralha concession covers an area of 127.5 square kilometres located about 60 kilometres northeast of Porto in northern Portugal.
The Bejanca mines operated from the early 1900s until 1985 producing tin concentrates as well as tungsten concentrates which were smelted on-site to ferrotungsten for use in steel alloys. Mining was from several shallow open pits and shallow underground workings of tungsten-bearing hydrothermal quartz veins and stockworks in tungsten-bearing greisens. The Bejanca concession covers an area of 89 square kilometres located about 55 kilometres southeast of Porto in northern Portugal.
Blackheaths President & CEO, James Robertson, said: "We are very pleased to confirm the addition of the historic Borralha and Bejanca mines to our Portuguese tungsten portfolio under terms that are very favourable to our shareholders. We expect to commence a preliminary drilling program on both projects at an early date following data compilation and review.”
Blackheath holds the options for both projects from Mineralia Minas, Geotecnia e Construcoes, Lda. (Mineralia”) through exploration concessions (the Concessions”) granted by the Government of Portugal. The Concessions are granted for an initial period of two years renewable for a further three years in one year increments, after which they may be converted into preliminary exploitation licences and final exploitation licences successively. Under the Agreements, Blackheath will undertake to fulfill the terms of each Concession, including staged minimum exploration expenditures at Borralha totalling €980,000 over five years, and staged minimum exploration expenditures at Bejanca totalling €650,000 over five years. Under each agreement, Blackheath will pay Mineralia €25,000 upon execution of this definitive agreement, a further €100,000 upon the grant of a preliminary exploitation licence and a further €1 million upon mine production and the grant of a final exploitation licence, at which time Blackheath will hold a 100% interest in the project with no further obligations to Mineralia.
Blackheath Resources Inc. is listed on the TSX Venture Exchange, and is focused on tungsten exploration and development in Portugal. The Company also holds the Covas tungsten project, where exploration and drilling is currently underway. Management of Blackheath has previous experience in tungsten mining operations in Portugal through Primary Metals Inc., the operator of the Panasqueira Tungsten Mine from 2003 to 2007. Further information about the companys activities may be found at www.blackheathresources.com and under the companys profile at www.sedar.com
On behalf of the Board,
James Robertson, P. Eng., CEO, President & Director
For further information contact James Robertson at firstname.lastname@example.org
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.
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