Apollo Minerals Limited (ASX:AON) is acquiring Ariege Tungstene SAS, the company in joint venture with Variscan over the Couflens exploration licence in France.
The acquisition gives Apollo Minerals an 80 percent interest in the joint venture, with Variscan free-carried at 20 percent until a definitive feasibility study is completed or a total expenditure of AU$35 million.
The Couflens licence covers an area of 42 square kilometers around the historic Salau tungsten mine. Salau was one of the highest grade tungsten mines in the world.
Variscan considers that Salau has very good potential to be brought back into production within a short time frame.
Variscan’s Managing Director Greg Jones said the acquisition of Ariege Tungstene by Apollo brings a third ASX-listed firm into France.
Variscan entered into the joint venture with Ariege Tungstene SAS, an EU registered company, as a means of funding the exploration and initial underground development required to prove up sufficient mineral resources to justify feasibility studies. – BusinessNewsAsia.com