(MENAFN - ProactiveInvestors - Australia) Vital Metals (ASX: VML) is advancing towards the completion of a Definitive Feasibility Study at its Watershed Tungsten Project in Queensland, where it has the backing of Japan Oil, Gas and Metals National Corporation (JOGMEC).
The DFS is slated for completion in the March quarter of 2013, with Vital's end goal being production by 2014. Vital Metals had a cash balance of 2.4 million as at 31 December 2012.
The Indigenous Land Use Agreement which provides for the development of the Watershed mine was registered with the National Native Title Tribunal in December, marking another project milestone.
Environmental approvals outstanding, all of the major requirements needed for approval of the mining leases are now in place.
Farm-in partner Japan Oil, Gas and Metals National Corporation (JOGMEC) continued to contribute to the cost of the DFS study during the quarter.
JOGMEC has now remitted 4.41 million, including an 800,000 payment, in total to Vital for costs incurred for the Watershed DFS since committing to the farm-in in August 2011.