25 May 2012

Caspian starts tungsten drilling

11/01/2012 Robert Tyerman

Re-focused Caspian Holdings (CSH) has begun drilling Spain's major La Parrilla tungsten project, recently bought for $1 million (£625,000).

The AIM-quoted company, which raised £210,000 at 0.25p 13 days ago to fund part of the mostly paper purchase of the project's Spanish parent company, expects drilling to take four months to appraise La Parrilla, reckoned by consultant SRK in 2008 to hold 36 million tonnes of ore with 0.09 per cent WO3 tungsten tioxide, as well as 2.5 million tonnes of tailings from earlier mining.

That would make Parrilla, in south-west Spain's Extramadura region, one of western world's largest deposits of tungsten, whose price has more than doubled in three years, says Caspian, headed by the entrepreneurial Michael Masterman. The company, which has dabbled in different resource projects in different parts of the world since its 2004 float at 23p, maintains Parrilla offers a 'low-cost, high-margin resource development opportunity'.

Caspian shares have been notably poor performers of late, trading between 0.62p and 0.23p over the past year, and now stand at 0.33p, up 0.04p this morning. They value the company at £2.6 million and, not without risk, offer speculative recovery potential.

Tags: AIM market, La Parrilla, Michael Masterman, Spain, Tungsten

Sector: Mining

Companies: Caspian

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