Tumi Resources Stakes Tungsten Property at Gustavsberg, Bergslagen District, Sweden
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VANCOUVER, Feb. 16 /CNW/ --
TSXV - TM
Frankfurt - TUY
Pink Sheets - TUMIF
VANCOUVER, Feb. 16 /CNW/ - Tumi Resources Limited (the 'Company') (TSXV: TM) (Pink Sheets: TUMIF)
(Frankfurt: TUY). Mr. David Henstridge, President, is pleased to announce that the Company
has acquired through staking a 126 hectare mineral concession at
Gustavsberg in south-central Sweden; three other concessions are
awaiting approval by the authorities. The new and pending concessions
are located in the Bergslagen District of south-central Sweden. The
primary target commodity on these concessions is tungsten, a strategic
metal that in recent years has seen its value increase by more than
70%. The tungsten metal market is expected to see shortages beginning
in 2011, which is due in part to export restrictions from China. China
is the largest producer, with 2009 data showing greater than 75% of the
world production. China is soon expected to be a net importer of the
metal. By staking these claims Tumi will be well positioned for
tungsten exploration in Sweden over the coming years.
Gustavsberg is the location of Gustavsbergsgruvan, a historic iron mine
in the Riddarhyttan area, Bergslagen, south-central Sweden. Historic
documentation from the mine indicates that copper and tungsten minerals
were found in the skarn adjacent to the iron ore. Mine geologists
reported discoveries of 'up to football-sized patches of scheelite, a
tungsten bearing mineral' in the footwall skarn. The mineralization is
located in a N-S to NW-SE trending band of thinly bedded/banded
metavolcanic rocks of alternating felsic and mafic nature. In addition,
large intrusions of younger granites occur in the area. The nearby
intrusion makes this deposit similar to Yxsjoberg and Wigstromsgruvan,
two Swedish tungsten mines that were in operation in the late 20th
century. No modern exploration for tungsten has been done in the area
though amateur geologists have been reporting scheelite occurring in
the waste dumps at the mine. This makes Gustavsbergsgruvan a prime
target for modern tungsten exploration.
Dr Michael Berry, at the Vancouver Cambridge Conference in January,
2011, in his presentation on geopolitics and critical metals,
identified tungsten (along with rare earths and indium) as one of five
metals likely to be in very short supply in the future. As well, in
June 2010, the European Commission published a report which identified
14 raw mineral materials as critical to European industry of which
tungsten was one (Critical Raw Materials for the EU: Report of the
Ad-Hoc Working Group on Defining Critical Raw Materials, European
Commission, June 2010).
Mr Henstridge stated: 'Tumi remains very active in Bergslagen having
started our exploration in this highly mineralized district in 2005.
The Company is currently drill testing three projects having commenced
at Tomtebo, followed by Vitturn and Jonsmossen. We are also very
pleased to add to our portfolio the Gustavsbergsgruvan area, commencing
our Swedish tungsten exploration program. With China's Government
putting restrictions on tungsten exports, the supply shortages are
expected to continue making tungsten a critical and strategic commodity
both within Europe and elsewhere. By being among the first to act, we
have positioned Tumi well at the forefront in seeking new tungsten
resources'.
The qualified person for Tumi's projects, Anders Hogrelius, a Member of
the Australian Institute of Geoscientists, has visited all of the
Company's properties in Sweden and has verified the contents of this
news release.
On behalf of the Board,
'David Henstridge'
David Henstridge, President & CEO
Forward Looking Statements This Company Press Release contains certain 'forward-looking'
statements and information relating to the Company that are based on
the beliefs of the Company's management as well as assumptions made by
and information currently available to the Company's management. Such
statements reflect the current risks, uncertainties and assumptions
related to certain factors including, without limitations, competitive
factors, general economic conditions, customer relations, relationships
with vendors and strategic partners, the interest rate environment,
governmental regulation and supervision, seasonality, technological
change, changes in industry practices, and one-time events. Should any
one or more of these risks or uncertainties materialize, or should any
underlying assumptions prove incorrect, actual results may vary
materially from those described herein.
Neither the TSX Venture Exchange, its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange), nor
the Frankfurt Stock Exchange accepts responsibility for the adequacy or
accuracy of this news release.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/February2011/16/c3156.html
Company Contact: Mariana Bermudez at (604) 699-0202 or email: mbermudez@chasemgt.com website: www.tumiresources.com | Investor Information Contact: Mining Interactive Nick L. Nicolaas at (604) 657-4058 or email: nick@mininginteractive.com |