S&P Capital IQ Initiates Coverage on Tungsten Corp. in Standard & Poor's Factual Stock Reports
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.
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