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Tumi Granted Tungsten (a Strategic Metal) Property Portfolio Including Historical Resource in the Bergslagen District, Sweden

05.07.2011  |  CNW

VANCOUVER, July 5, 2011 /CNW/ --
TSXV - TM


Frankfurt - TUY


Pink Sheets - TUMIF


VANCOUVER, July 5, 2011 /CNW/ - Tumi Resources Limited (the 'Company') TSXV - TM; Pink Sheets - TUMIF;
Frankfurt - TUY. Mr. David Henstridge, President, reports that the Company has acquired
through staking three additional exploration licences totalling 1,942
hectares in south-central Sweden - Wigstromsgruvan, Sandudden and
Gansgruvan. The three licences are in addition to the previously staked
Gustavsbergsgruvan licence reported in a press release dated February
16, 2011.


The primary target commodity on these licences is tungsten (and
associated fluorite), a strategic metal that has seen its value
increase by more than 70% since October 2010. The tungsten metal market
is expected to see shortages beginning in 2011, which are due in part
to export restrictions imposed by China. China is the largest producer
with 2009 data showing greater than 75% of global production but is
soon expected to be a net importer of the metal. By staking these
additional claims the Company will be well positioned for tungsten
exploration in Sweden over the coming years.


Brief details of the four licence areas are as follows:


Wigstromsgruvan:  The licence area contains a small historic tungsten mine that fed ore
to the nearby Yxsjöberg mine mill. Scheelite (CaWO(3)) and fluorite (CaF(2)) mineralization occur in garnet-diopside skarn within mafic
metavolcanics.  Production figures reveal 130,456 tonnes of ore grading
0.28% WO(3) were shipped to the mill.  Ore was produced from a slot-cut
approximately 200 m long and up to 50 m deep.  Records suggest the
mineralization remains open along strike and at depth, hence
significant mineral resources remained in place at the time of the mine
closure.


Sandudden:  Scheelite and fluorite ore from a test-pit was also shipped to the
Yxsjöberg mill with mineralization having similar characteristics to
that found at Wigstromsgruvan. Production from the test-pit was 17,080
tonnes grading 0.22% WO(3), mined from two benches to a depth of 10 m.  Kontio, et al, 1979 report
inferred historical resources in the area of 422,000 tonnes at a grade
of 0.25% WO(3) and 5% CaF(2).  The data is historical in nature and was compiled prior to the
implementation of NI 43-101 reporting standards. The Company has not
completed sufficient exploration to verify the estimates and is not
treating them as NI 43-101 defined-resources or reserves verified by a
Qualified Person; the historical estimate should not be relied upon.  The Sandudden area remains under-explored and will be one of the
first areas to be studied by the Company to both confirm and increase
the historical resource.


Gustavsberg: The licence area contains a historic iron mine in the Riddarhyttan area
of central Sweden. Documentation from the mine indicated that copper
and tungsten mineralization was found in the skarn adjacent to the iron
ore. Mine geologists reported discoveries of 'up to football-sized
patches of scheelite' 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. No modern
exploration for tungsten has been done in the area although prospectors
have been reporting scheelite occurring in the remnant waste dumps at
the mine; a recent inspection by Company geologists discovered
scheelite in excess of 4 cm in size. This information suggests the
Gustavsberg licence area to be a prime target for modern tungsten
exploration.


Gensgruvan:  A small mine operated within the licence area for a few years in the
1940's. Production figures from 1944 record 1,600 tonnes of ore were
mined with an average grade of 0.3% WO(3).  Another small mine was also recorded in the area, named
Molybdengruvan, with grades of 0.34% WO(3). Geological surveys at the time discovered a number of untested
outcrops containing mineralization. Also, a large number of mineralized
boulders were discovered, but the source was not located.


Mr Henstridge stated: 'Considerable research has resulted in the Company
obtaining 100% ownership of four areas with a high potential for
tungsten and fluorite mineralization. The Sandudden area, with a
significant historical resource, will be one of the first to be
studied. The restrictions by China in tungsten exports suggest that
this commodity will see near-term supply shortages, and it is likely
that the tungsten price will continue to increase.'


The qualified person for the Company'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.




On behalf of the Board,

'David Henstridge'
David Henstridge, President & CEO




Forward Looking Statements This Company Press Release contains certain 'forward-looking'
statements and information relating to the Company that are based on
the beliefs of the Company's management as well as assumptions made by
and information currently available to the Company's management.  Such
statements reflect the current risks, uncertainties and assumptions
related to certain factors including, without limitations, competitive
factors, general economic conditions, customer relations, relationships
with vendors and strategic partners, the interest rate environment,
governmental regulation and supervision, seasonality, technological
change, changes in industry practices, and one-time events.  Should any
one or more of these risks or uncertainties materialize, or should any
underlying assumptions prove incorrect, actual results may vary
materially from those described herein.


Neither the TSX Venture Exchange, its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange), nor
the Frankfurt Stock Exchange accepts responsibility for the adequacy or
accuracy of this news release.


 

To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/July2011/05/c3299.html

Company Contact:  
Mariana Bermudez at (604) 699-0202
or email: mbermudez@chasemgt.com
website: www.tumiresources.com
Investor Information Contact: 
Mining Interactive
Nick L. Nicolaas at (604) 657-4058
or email: nick@mininginteractive.com

 



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