Article in this mornings West Australian

$3.5M for TNG
Stuart McKinnon.

Aspiring vanadium producer TNG has tapped Australian institutional investors for $3.5 million as it continues pre-development for its $853 million Mt Peake project in the Northern Territory.

The raising, at a discounted 14.5cents, will bolster the company's balance sheet while it pursues final off-take deals, secures final permits and completes engineering and design and funding arrangements for the vanadium-titanium-iron project.

TNG plans to mine its polymetallic orebody Mt Peake, north of Alice Springs, and transport a vanadium-bearing titano-magnetite concentrate by rail to a Darwin refinery, where it will use its trademarked TIVAN process to separate the concentrate into vanadium pentoxide, titanium pigment and pig iron.

Mt Peake is expected to produce 243,000t of vanadium, 3.5Mt titanium pigment and 10.6Mt of pig iron over a 40 year plus project life.
TNG shares closed steady at 16.5cents yesterday.