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| Strike Resources Acquires Outstanding Interests In WA Iron Ore Project |
| = Paulsens East Iron Ore Project = |
|
Australian Strike Resources Limited announced August 11 that it has acquired the outstanding interests in the Berau Coal Project in Kalimantan, Indonesia and the Paulsens East Iron Ore Project in Western Australia ("WA") Upon completion of the acquisition, the Company will hold a 100% interest in each of these projects. The acquisition is being made from its joint venture partner, ASX listed Orion Equities Limited with the consideration of such acquisitions being the issue of a total of 9.5 million shares in the capital of the Company. [Paulsens East Iron Ore Project] The tenements are located approximately 140 kilometers west of Tom Price and 8 kilometers east-northeast of the Paulsens Gold mine in the northwest of Western Australia. Mining operations are expected to commence in the first half of 2010, targeting for 1.0 to 1.5 Mt/a production of direct shipping (DSO) quality iron ore, which will be trucked to an existing port in either Onslow or Dampier. Strike Resources holds a total of 68.5% interest in the Peruvian "Cuzco" and "Apurimac" iron ore projects. The "Cuzco" project aims at 2 Mt of iron ore lump production per annum to start in 2009. The "Apurimac" project targets commencement of sinter and concentrate production at 20 Mt/a for 2011. In July this year UK Company Gallagher Holdings Limited agreed to invest up to $100 million in Strike Resources. |
| last modified : Wed 20 Aug, 2008 [11:31] |
