Tumi Resources Stakes Tungsten Property at Gustavsberg, Bergslagen District in Sweden
Tumi Resources Limited (the "Company") (TSXV: TM) (Pink Sheets: TUMIF) (Frankfurt: TUY). Mr. David Henstridge, President, is pleased to announce that the Company has acquired through staking a 126 hectare mineral concession at Gustavsberg in south-central Sweden; three other concessions are awaiting approval by the authorities.
The new and pending concessions are located in the Bergslagen District of south-central Sweden. The primary target commodity on these concessions is tungsten, a strategic metal that in recent years has seen its value increase by more than 70%. The tungsten metal market is expected to see shortages beginning in 2011, which is due in part to export restrictions from China.
China is the largest producer, with 2009 data showing greater than 75% of the world production. China is soon expected to be a net importer of the metal. By staking these claims Tumi will be well positioned for tungsten exploration in Sweden over the coming years.
Gustavsberg is the location of Gustavsbergsgruvan, a historic iron mine in the Riddarhyttan area, Bergslagen, south-central Sweden. Historic documentation from the mine indicates that copper and tungsten minerals were found in the skarn adjacent to the iron ore. Mine geologists reported discoveries of "up to football-sized patches of scheelite, a tungsten bearing mineral" in the footwall skarn.
The mineralization is located in a N-S to NW-SE trending band of thinly bedded/banded metavolcanic rocks of alternating felsic and mafic nature. In addition, large intrusions of younger granites occur in the area. The nearby intrusion makes this deposit similar to Yxsjoberg and Wigstromsgruvan, two Swedish tungsten mines that were in operation in the late 20th century.
No modern exploration for tungsten has been done in the area though amateur geologists have been reporting scheelite occurring in the waste dumps at the mine. This makes Gustavsbergsgruvan a prime target for modern tungsten exploration.
Dr Michael Berry, at the Vancouver Cambridge Conference in January, 2011, in his presentation on geopolitics and critical metals, identified tungsten (along with rare earths and indium) as one of five metals likely to be in very short supply in the future. As well, in June 2010, the European Commission published a report which identified 14 raw mineral materials as critical to European industry of which tungsten was one (Critical Raw Materials for the EU: Report of the Ad-Hoc Working Group on Defining Critical Raw Materials, European Commission, June 2010).
Mr Henstridge stated: "Tumi remains very active in Bergslagen having started our exploration in this highly mineralized district in 2005. The Company is currently drill testing three projects having commenced at Tomtebo, followed by Vitturn and Jonsmossen. We are also very pleased to add to our portfolio the Gustavsbergsgruvan area, commencing our Swedish tungsten exploration program.
With China's Government putting restrictions on tungsten exports, the supply shortages are expected to continue making tungsten a critical and strategic commodity both within Europe and elsewhere. By being among the first to act, we have positioned Tumi well at the forefront in seeking new tungsten resources".
The qualified person for Tumi's projects, Anders Hogrelius, a Member of the Australian Institute of Geoscientists, has visited all of the Company's properties in Sweden and has verified the contents of this news release.
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