NEW YORK, May 24, 2013 /PRNewswire/ -- S&P Capital IQ announced today that it has commenced Standard & Poor's Factual Stock Report coverage on Tungsten Corp.
Tungsten Corp. (OTCQB: TUNG) is an exploration stage mining company engaged in the identification, acquisition, and exploration of metals and minerals with a focus on the exploration and development of tungsten deposits within the United States. The company's properties are located in Nevada and Idaho.
On April 8, 2013, the company entered into and closed a voluntary share exchange transaction pursuant to a stock exchange agreement with Guy Martin and Nevada Tungsten Holdings Ltd. Pursuant to the terms of the agreement, Tungsten Corp. acquired all of the issued and outstanding common shares of Nevada Tungsten Holdings Ltd., which became a wholly owned subsidiary of Tungsten Corp. Nevada Tungsten Holdings Ltd. holds an option to acquire all tungsten mineral rights in regards to 32 patented and unpatented mining claims situated in White Pine County, Nevada (the Cherry Creek Tungsten Project) pursuant to an option agreement. The option agreement gives the company the option to acquire a 100% interest in all tungsten on the Cherry Creek Tungsten Project by making certain specified payments and incurring certain exploration expenditures on the property. The optionor has retained a 3% net smelter return royalty.
The Cherry Creek project area can be reached by heading south of Wells, Nevada on highway 93 and then west on a local county road for 8 miles. Most of the federal land in the project area is governed by the Bureau of Land Management (BLM) in the Cherry Creek mine district. According to the company, the claim areas are accessed from the town of Cherry Creek to the northwest via a well maintained unpaved road up the Exchequer Valley to the Exchequer mine area and from there by foot. Access to lower topographical elevations may be gained for the purposes of exploration on a year-round basis. For air service, the closest major airport is in Salt Lake City, Utah located approximately 110 miles to the northeast.
The TiCup Mine is located between Maude and El Rey Canyons on the east side of the Cherry Creek Range. During the years 1941 to 1956, the mine was the largest producer of tungsten ore in the district, according to the company. A small amount of ore was mined and milled in 1972 and 1977 but the last significant production was in 1956.
In addition, Tungsten Corp. has acquired an option on 100% of the tungsten mineral rights in the immediate vicinity of an area commonly known as the Wildhorse Mine property, located approximately 50 miles west of the town of Mackay, in Custer County, Idaho. In September 1954, a 40-ton mill was in operation processing tungsten ore from open-pit operations on three deposits known as Steep Climb, Hard to Find and Beaver, all within an area two miles long by three-quarters of a mile wide.
The company intends to conduct exploration activities on the Cherry Creek Tungsten Project and its property in Idaho.
Tungsten Corp. was incorporated in 2008 and is based in Davie, Florida
Standard & Poor's Factual Stock Report coverage on Tungsten Corp. will also be accessible on an ongoing basis to the investment community by scores of buy-side institutions and sell-side firms that utilize S&P Capital IQ research and information platforms daily. Millions of self-directed investors also have access to the report via their e-brokerage accounts. Please visit www.tungsten-corp.com for additional information.
About Standard & Poor's Factual Stock Reports
Currently profiling approximately 500 issuers, Standard & Poor's Factual Stock Reports, produced by S&P Capital IQ, increase market awareness of issuers in the investment community with insightful commentary and key statistics and information. Standard & Poor's Factual Stock Reports provide factual research coverage about company fundamentals and business prospects, thereby enabling information about covered companies to reach a wide investor audience of Buy and Sell-side investors. Updated weekly with the latest pricing, trading volume, and other data, the reports include recent developments, a financial review, key operating information, industry and peer comparisons, institutional holdings analysis, Street Consensus and opinions, performance charts, business summary, fundamental data, and news. Because coverage of these reports is underwritten by the issuer, S&P Capital IQ does not offer investment opinions concerning the advisability of investing in these stocks.
Standard & Poor's Factual Stock Reports are produced separately from any other analytic activity of S&P Capital IQ or related organizations. S&P Capital IQ does not trade on its own account.
About S&P Capital IQ
S&P Capital IQ, a part of McGraw Hill Financial, is a leading provider of multi-asset class and real time data, research and analytics to institutional investors, investment and commercial banks, investment advisors and wealth managers, corporations and universities around the world. Evaluated pricing is prepared by Standard & Poor's Securities Evaluations, Inc., a part of S&P Capital IQ and a registered investment adviser with the U.S. Securities and Exchange Commission. In the United States, research reports are prepared by Standard & Poor's Investment Advisory Services LLC, a part of S&P Capital IQ and a registered investment adviser with the U.S. Securities and Exchange Commission. S&P Capital IQ provides a broad suite of capabilities designed to help track performance, generate alpha, and identify new trading and investment ideas, and perform risk analysis and mitigation strategies. Through leading desktop solutions such as the S&P Capital IQ, Global Credit Portal and MarketScope Advisor desktops; enterprise solutions such as S&P Capital IQ Valuations; and research offerings, including Leveraged Commentary & Data, Global Markets Intelligence, and company and funds research, S&P Capital IQ sharpens financial intelligence into the wisdom today's investors need. For more information visit: www.spcapitaliq.com.
Phone: +1 877-427-1110
S&P Capital IQ
Richard Albanese, 212-438-3647
Michael Privitera, 212-438-6679
SOURCE S&P Capital IQ