NEW YORK Junior mining company Tungsten Corp. has acquired all the issued and outstanding shares of Nevada Tungsten Holdings Ltd.
The acquisition includes an option on certain domestic mineral rights in regard to a number of mining claims for tungsten mineralization, the New York-based company said.
The company has also closed a private placement for $500,000, which will be used for development purposes.
"With the completion of our initial transactions, we are moving rapidly ahead in order to execute our strategic plan to participate in the revitalization of a domestic tungsten mining sector," president Guy Martin said in a statement. "With significantly improved mineral value over the past decade, combined with restrictive practices by overseas producers, we believe there is solid business case and potential for the growth of the sector in America today."