In particular, it is moving forward with discussions on a potential partnership or joint venture with mining company Diamond V Associates, Inc., to acquire and develop new tungsten prospects in the US and around the globe. Diamond has contacts in Alaska, the West African nation of Ghana in a range of minerals.

According to GTSO Resources, rising prices and demand for tungsten have sparked new mining activities around the world as manufacturers seek new sources for the critical element outside of China.

Currently, China supplies 85% of the world's tungsten, but as new technologies increase usage and the country decreases mineral exports, it may not be able to meet the surging global demand. Tungsten prices are rising fast, leading companies outside of China to redevelop and expand dormant tungsten projects.

EMC Metals is making plans to restart operations at its Springer mine in the US. The company claims to have spent more than US$20 million reconditioning the property in the past few years and has announced its intent to develop detailed multi-year mining plans this year.

At the same time, King Island Scheelite completed a feasibility study and purchase of key mine-related land for its Dolphin project in Australia this year, and Malaga, which successfully restarted the Pasto Bueno mine six years ago, recently announced plans to construct a pilot plant to process its tungsten tailings as a source of additional production.