gwr soars on wiluna west drilling results

Golden West soars on Wiluna West drilling results
The West
17th March 2009, 10:30 WST

Shares in Golden West Resources were up strongly today after the company announced high grade iron intercepts at its Wiluna West project.

Golden West reported several high grade hematite intercepts including a new zone of mineralisation 1.4km north of its existing resource model.

Last week, Golden West said its chief executive of less than a year, David Rose, had left the company because the board had decided on a more conservative development strategy with a focus on preserving cash.

But today the company said despite short term uncertainties created by the global economic crisis, it believed the medium to long term demand for direct shipping ore remained positive.

Golden West would continue pre-feasibility studies and drilling to define the resource at Wiluna West.

Golden West shares were up 4.5 cents, or 16.67 per cent, to 31.5 cents at 10.30am.

STUART McKINNON