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Tungsten Mining takes 2nd shot at buying Hatches Creek tungsten project from GWR

Tungsten Mining NL secured an initial 20% interest in the Hatches Creek tungsten project in Australia's Northern Territory by reimbursing GWR Group Ltd. for A$1.7 million of past exploration expenditures.

The company said June 3 that it can increase its interest to 51% by spending a further A$3.0 million on exploration, development and mining activities within five years.

Tungsten Mining will be appointed manager of the joint venture, and GWR will be free carried until the 51% farm-in.

The company can acquire the remaining interest for about A$7 million if a decision to mine is made during the sole-funding stage.

The project consists of two granted exploration licenses covering 31.4 square kilometers and an exploration license application.

GWR said in a separate, same-day release that it will use the funds for exploration at its Wiluna West gold project.

In October 2018, GWR canceled an A$8.7 million sale of the Hatches Creek project to Tungsten Mining after the ASX said the transaction could not proceed as structured.