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King Island to acquire property adjacent to Dolphin tungsten project

King Island Scheelite Ltd. said Oct. 9 that it entered into a deal to purchase the Portside Links property near its Dolphin tungsten project in Tasmania, Australia, for A$2.6 million.

King Island is financing the deal through a A$2.7 loan million from an entity associated with major shareholder and director Chris Ellis. It will also use the loan for general working capital purposes.

The deal, which is scheduled to settle Nov. 16, will provide the company with direct access to a port and enable it to secure all land required for redeveloping the mine.