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| HOME >> Topics List >> September, 2008 >> 22 (Mon) |
| Australian Junior Mining Houses' Exploration, Development |
| = Projects being implemented in Western Australia, South Australia = |
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A large number of Australian junior mining houses are conducting their exploration and development activities mainly in Western Australia. The following summarizes updated reports released by some of them in September 2008: [Iron Mountain Mining Limited] Iron Mountain Mining Ltd. (IRM) announced September 16 that it has received a letter from Portman Iron Ore Limited (Portman) confirming their completion of due diligence work and their intention to proceed with the option over IRM's Mt Richardson tenement E 29/571 and the Windarling East tenement application E 77/1267. The option agreement, announced by IRM on August 13, gives Portman the rights to explore for Iron Ore on the tenements during the option period with IRM retaining a 2% royalty on the FOB price of Iron Ore products produced after the option is exercised. The agreement will provide an initial cash injection of $3,000,000 into IRM on or before October 1, 2008 and a total of $10,000,000 subject to agreed milestones, should the option be exercised. In addition, IRM will receive a once only payment of $0.50 per dry tonne on tonnages in excess of 10 million tonnes (Mt) of independently confirmed JORC compliance Indicated or Measured Resource defined on the tenements under option. [FerrAus Limited] FerrAus Limited has announced a new discovery of iron mineralization at the Feather Boa prospect within the Company's Robertson Range project in the East Pilbara region of Western Australia. The company has received a majority of assay results from initial RC drilling of 5 gravity targets in an area south of the existing iron ore resources at the Robertson Range Main Zone and South West Zone. Current iron ore resources reported for the Robertson Range project are 45 Mt at 58.9% Fe. [Centrex Metals Limited] Centrex Metals announced purchase of land which covers the entirety of the Wilgerup Hematite project it is implementing in South Australia. The purchased land is Kamballa Station, 20 km southeast of Lock on the Eyre Peninsula, having 840.9 hectares (2,077.91 acres) and is currently used for farming. The Company announced August 17 an upgrade of the Indicated Mineral Resource at Wilgerup from 8.0 Mt to 13.2 Mt. The Wilgerup tenement remains highly prospective for additional DSO hematite. The resource definition drilling over the previous year has focused on proving up the Wilgerup North Hematite Pod with only minimal exploration being undertaken within the regional tenement area. The Wilgerup North Pod has a Probable Reserve of 7.6 Mt that was figured out based on the previous resource estimate of 8.0 Mt Indicated Resource. [Mount Gibson Iron Limited] Mount Gibson Iron released September 8 an update on mineral resources and ore reserves regarding Koolan Island, Tallering Peak and Extension Hill iron ore exploration and mining sites, reporting that as at June 30, 2008, resources had increased by 2.45 Mt from the previous resources statement of June 30, 2007. The increase in resources is attributable to the infill drill program at Koolan Island during the 2008 financial year. Project-wise mineral resources (totals of Measured, Indicated and Inferred) as of June 30, 2008 are as followed: -- Koolan Island: 69.1 Mt at 62.8% Fe on average -- Tallering Peak: 17.2 Mt at 61.8% Fe on average -- Extension Hill: 19.5 Mt at 59.9% Fe on average |
| last modified : Fri 26 Sep, 2008 [11:43] |
