British tungsten miner Wolf Minerals has denied press speculation that it is to raise 50 million pounds from investors.
A report in the Times newspaper said Wolf would use the funds to ramp up work on an open-cast mine at Hemerdon, north of Plymouth.
This would be the first substantial mine in the West Country since the last tin mine, South Crofty, shut in 1998, the newspaper said.
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However, the mining firm has been quick to stamp on the rumours.
"This comment is incorrect and should be regarded as media speculation by investors," it said.
Wolf is focused on developing the Hemerdon Tungsten and Tin Project in Devon, which it says is one of the largest undeveloped tungsten and tin resources in the western world.
The company aims to build the project into a large scale, open pit mining operation, and in turn position itself as a leading tungsten and tin producer.
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