(MENAFN- ProactiveInvestors)
Wolf Minerals (LON:WLFE ASX:WLF) continues to make good progress with its tungsten and tin mine in Devon - with construction on track and dry commissioning expected to kick off in March this year.
In a quarterly update to end-December the firm said construction of the project was 67% complete as at that point and that production is expected in the third quarter this year.
The project remains fully funded from existing company facilities.
Managing director Russell Clark told investors it had been another successful quarter for Wolf.
He added: "Contracts for power and laboratory services have been finalised and the establishment of our employee team is progressing well with key technical personnel now in place.
"In addition we have completed the geotechnical drilling programme with the results highlighting great potential to increase both our ore reserves and mine life."
Last month the firm reported how a new study had indicated it could increase the reserves at the mine by between 15-23% through steeper mining after a shallow drilling program.
During the quarter Wolf also finalised and awarded the assay lab services contract to SGS.
It will provide all the necessary assay laboratory services including processing samples and grade control at the project for five years.
In terms of construction Wolf said structural steel work is 44% complete while progress has been made on the mine waste facility.
More than 100000 tonnes of ore have been stockpiled. This ore was extracted during the construction of said waste facility and will be used for initial feed to the processing plant.
During the three months Wolf drew-down £17.5 million of its £75 million senior debt finance facilities and at the end of the quarter a total of £27.5 million had been drawn.
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