re: Ann: Iron Road Central Eyre Iron Project ...
http://www.adelaidenow.com.au/business/iron-road-boosts-eyre-peninsula-ore-resource/story-e6frede3-1226219744426
Iron Road boosts Eyre Peninsula ore resource
• by: Cameron England • From: AdelaideNow • December 12, 2011 10:32AM
IRON Road has now discovered more than enough iron ore on the Eyre Peninsula to supply its planned magnetite mining project. The Perth company said it had now delineated 2.1 billion tonnes of ore at the project near Warramboo, up from 1.33 billion tonnes.
Importantly 1.11 billion tonnes of the ore is defined as "indicated" under Australian reporting standards, meaning it is classed as being mineable.
The company will continue exploring for ore, and has exploration targets of 700 million tonnes and 1 billion tonnes over at least two more prospects.
Iron Road managing director Andrew Stocks said the focus for the company was now on delivering the definitive feasibility study for the project.
"The amount of iron ore resource at (the) central Eyre iron project is now more than sufficient to underpin a long life project. Having adequate resources is now a resolved challenge for the project," he said.
"We will continue to add resources from ongoing drilling programs, but the key tasks ahead for the company are now delivering the definitive feasibility study currently under way, as well as securing long term funding for the project."
Iron Road has previously estimated the project would cost $2.589 billion to build, and produce 12.4 million tonnes of export grade ore per year.
Iron Road shares jumped 14.3 per cent, or 10c, to 80c on the news in early trade.
IRD Price at posting:
75.0¢ Sentiment: LT Buy Disclosure: Held
