Leading tungsten producer outside of China emerges

Heidelberg. Almonty Industries announced today that it has signed a letter of intent with Woulfe Mining, which targets the merger of the two companies into the leading tungsten producer outside of China. The transaction is expected to be completed in the next 30 days.

Full news can be found on the Almonty website (www.almonty.com)

Almonty operates the Los Santos Mine in Spain as well as the Wolfram Camp Mine in Australia and develops the Valtreixal Tungsten / Tin Project in northwest Spain, which 2017 is due to go into production. Woulfe Mining is the 100% owner of the Sangdong Tungsten / Molybdenum project in South Korea, which has a completed feasibility study and a very large tungsten resource.

Thomas Gutschlag, CEO of Deutsche Rohstoff, commented, "Almonty is consistently following the path to building the leading tungsten producer outside of China. This creates the critical mass to influence the tungsten prices and / or become a very attractive acquisition target. As Almonty's second largest shareholder, we support the management in this move and are confident our value will continue to grow. "

Deutsche Rohstoff owns 24,9% of Almonty and also holds a convertible bond from Almonty in the amount of 7,5 million Canadian dollars, which can be converted into shares from a share price of CAD 1,45.

Heidelberg, 27. January 2015