U.S. Tungsten Corp.(PINK:USTU) reaches all time high, signs letter of credit

by Darcie | Wednesday, Feb 20, 2013 | 6312 views

In a span of mere 3 weeks, share prices of U.S. Tungsten Corp. (PINK:USTU) have gained more than 100% from 0.3 to all the way to 0.7. Thanks to a series of press releases and stock awareness program launched by www.PennyStockGoodLife.com. Although we didn’t find any compensation mentioned by PennyStockGoodLife, the promoter has been touting about USTU ever since the third week of Jan, 2013.

This was followed by series of press releases announced by USTU including the formation of advisory board and signing a $1000000 Letter of Credit Agreement.

U.S. Tungsten Corp. aims to resolve the looming crisis of Tungsten in domestic supplies. As a result, US Tungsten has assembled a team of tungsten experts who are skilled and experienced in the exploration of this specialty metal. The company’s initial focus is in the western US where tungsten was mined in the past, and is also home to many discoveries that remain undeveloped. The last tungsten mine in the US closed in 2000 and no domestic tungsten mining has occurred since. Historic tungsten mines and occurrences are found in the West, particularly in Montana, California, Nevada, Colorado and Arizona.

Beginning early in 2012, the company launched their specialty metals search in Montana. US Tungsten’s first acquisition was a property in the western portion of the state where historical mining has produced high grade tungsten through 1956 – 1957.

In a press release today,Matthew Markin; the President of US Tungsten commented:
“This funding will provide the Company with the capital it needs to further develop the Calvert mine project in Montana, and to further expand our land assets throughout North America. Additionally, we now have the funds to go out and make new personnel hires for both our Management team as well as our Technical and Geology teams.”

Only time will tell whether USTU is another pump initiated by PennyStockGoodLife group similar to GNIN which surged from 0.8 to 3$ or a solid company with real dynamics.

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