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News Releases - Wednesday, July 18, 2007
Primary Metals Maintains Improvements at Panasqueira
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Primary Metals Inc. (TSXV: PMI) (the "Company") is pleased to report
that June results at the Panasqueira tungsten mine
continue to confirm
the initial improvements previously reported for May (see news release
dated June 13, 2007). A further modest increase in tungsten concentrate
production for June is reported and the higher mill feed grade has been
maintained. The results show a continued improvement in comparison to
the first four months of the year and also compare favourably with the
May results.
Tungsten production for the month of June increased to 9,868 MTUs of
WO3 (tungsten trioxide) compared to an average rate of 9,051 MTUs per
month for the first four months of the year (1 MTU = 1 metric tonne
unit or 10 kilograms).
This is a 9.0% improvement and an additional
increase over the 9,708 MTUs produced in May. The
mined ore grade
during June maintained the improvement to 0.18% WO3 that was
demonstrated in May. This continues to show an improvement over the
grade of 0.16% WO3 experienced in February and the average grade of
0.17% for the first four months of the year. The mining rate was also
slightly higher at 67,921 tonnes for June. This compares favourably to
an average rate of 65,371 tonnes for the first four months of the year
and the 66,775 tonnes in May.
"We are pleased that our June results confirm the modest improvements
reported for May," said Lewis Black, Chairman of the Company. "We are
very pleased with the work and commitment of our management and
production team and look forward to a continuation of these
improvements."
Recently estimated Proven and Probable Reserves and Indicated Resources
at Panasqueira total 5.13 million tonnes with a grade
of 0.261% WO3
containing 1,340,000 MTUs of tungsten trioxide. The
Proven and Probable
Reserves and the indicated resources, if converted to Reserves, would
provide approximately 8.5 years of plant feed at current rates,
assuming tungsten prices near current levels or higher. All of the
reserves are accessible from existing workings; some of the resources
will require additional mine development for access. In addition, there
are a further 1.8 million tonnes of Inferred Resources with a grade of
0.224% WO3, as well as additional exploration potential. These
independent estimates are compliant with NI 43-101 (see news release
dated March 29, 2007). Tungsten prices are currently around US$245 per
MTU.
About Primary Metals
Primary Metals Inc. owns a 100 percent interest in the Panasqueira
tungsten mine in Portugal
and is currently producing wolframite
concentrates containing some 100,000 MTUs of tungsten trioxide per
annum with further improvements underway. The Panasqueira mine has a
long history of production of high-quality wolframite concentrates and
is the dominant producer of high-grade tungsten concentrates outside
China.
Further information is available at www.sedar.com and on the
Company's website at www.primarymetals.ca
On Behalf of the Board of Directors,
"James Robertson"
______________________
James Robertson, P. Eng., Director
For further information contact:
Vancouver Office:
James Robertson
Phone: 604.669.8988
Email: info@primarymetals.ca
Website: www.primarymetals.ca
Investor Relations:
Jamie Mathers, Ascenta Capital Partners
Phone: 604.684.4743 extension 236
Toll free: 1.866.684.4743
Email: jamie@ascentacapital.com
The TSX Venture Exchange does not accept responsibility for the
adequacy or the accuracy of this release.
James Robertson, P. Eng., is a Qualified Person for Primary and has
reviewed and approved the information contained in this News Release.
Certain of the statements made and information contained herein is
"forward-looking information" within the meaning of the Ontario
Securities Act or "forward-looking statements" within the meaning of
Section 21E of the Securities Exchange Act of 1934 of the United
States. Forward-looking statements are
subject to a variety of risks
and uncertainties which could cause actual events or results to differ
from those reflected in the forward-looking statements, including,
without limitation the company's expectations as to the results of
planned work programs, potential mineralization, resources, reserves,
mine production levels and future tungsten prices. Such statements are
based on certain assumptions, including continued demand for tungsten,
availability of capital, equipment and personnel to carry out and
complete the planned work programs and accuracy within a reasonable
range of reported exploration and development results, and involve
various risks and uncertainties, including global economic factors,
future commodity prices, lack of availability of equipment or
personnel, and results of exploration and development. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements. Other important factors that could
cause actual results to differ materially from the Company's
expectations are disclosed under the heading "Risk Factors" and
elsewhere in the Company's documents filed from time-to-time with
regulatory authorities and on www.sedar.com
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Copyright (c) 2007 PRIMARY METALS INC. (PMI) All rights reserved. For
more information visit our website at http://www.primarymetalsinc.ca/
or send mailto:info@primarymetalsinc.ca
Message sent on Wed Jul 18, 2007 at 11:42:32 AM Pacific Time
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