Mitsubishi Corporation RtM Japan Ltd (“Mitsubishi”) – Advance payment to support optimisation of tailings project

Following the recently signed MoU with Mitsubishi outlining the Group’s intention to provide funding for the Hard Rock Project once permitting has been secured, Carbine has received confirmation that Mitsubishi has agreed to provide an advance production payment of $400,000 to support the ongoing tailings retreatment production operations. The payment is expected to be received in June 2013.

The agreement and advance payment from Mitsubishi is part of a contract extension for off-take from the tailings retreatment plant, and outlines that the $400,000 will be used to undertake further optimisation work to increase and improve the potential production output.

Carbine’s Managing Director, Jim Morgan, said: “The advance payment from Mitsubishi, secured against further shipments of concentrate from our tailings retreatment facility, is another step in the longstanding relationship with Mitsubishi. The commitment from the Company’s major off-take partner represents ongoing confidence in the project’s fundamentals and management team.

“The objective to support ongoing research & development at the plant to increase potential production is also reflective of the increasingly strong demand for tungsten as the Company progresses towards securing the necessary permits to commence processing the existing tungsten stockpiles.”