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Variscan Mines retains stake in one of the world’s highest grade tungsten mines

Published: 09:00 23 Jun 2017 AEST

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File photo: Variscan is free-carried at Couflens

Variscan Mines (ASX:VAR) retains a 20% interest in the Couflens tungsten-copper-gold project, which is located in France.

The project covers the Salau mine which was discovered in 1964 and operated from 1971 to November 1986.

Salau was formerly one of the world’s highest grade tungsten mines having produced circa 930,000 tonnes at 1.5% tungsten, with production grades ranging from 2% to 2.5% tungsten in the mines latter years.

Variscan is free-carried until a DFS is completed or total expenditure of €25 million is reached.

Apollo Minerals (ASX:AON) has passed resolutions to acquire an 80% interest in the project.

Stewart Dickson, chief executive officer for Variscan, commented: "This is a positive step forward in the joint venture over the Couflens Project.

"We’re working hard to progress the Couflens PER transfer through the appropriate French authorities and note that Apollo expect to complete the acquisition of their interest shortly.

"We look forward to working with Apollo on this high-quality project."

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