logo-loader

Australasian Resources soars 42% after update on 2Bt Western Australia iron ore deposit

Published: 06:12 27 Sep 2011 BST

no_picture_pai

Investors have applauded the Australasian Resources (ASX: ARH) market update today, pushing the shares 42% higher in afternoon trade to $0.24.

The reason for the investor interest is that Australasian Resources announced that the company has finally agreed a structure for the 2 billion tonne iron ore deposit in Western Australia.

Dio Wang, chief executive officer, commented on the decision and said, “This is a major achievement for ARH at the right time, especially considering that the comparable Sino Iron Project next door will begin to export product next year.”

Australasian Resources have executed a non-binding MOU with Mineralogy Pty Ltd whereby a subsidiary and project company International Minerals Pty Ltd will now have access to the 2 billion tonnes of iron ore, with final details are being worked out between the companies in order to finalise a binding agreement.

Further details are expected to be made in a month.

 

Oriole Resources outlines 2023 achievements and future exploration plans

Oriole Resources PLC (AIM:ORR) CEO Tim Livesey and chief financial officer Bob Smeeton join Proactive's Stephen Gunnion with details of the company's 2023 financial and operational performance. Livesey highlighted successful exploration programs in Cameroon, at the Bibemi and Mbe projects,...

46 minutes ago