brief snippet posted on the ABC website today (not a bad effort by mgt if they can have drilling starting BEFORE its listing date!):
A company probing iron ore deposits in Cobar and Lake Cargelligo is to spend $2 million stepping up its exploration.
Eastern Iron has spent the past year drilling for iron ore deposits in ancient creek beds.
The company's exploration manager, Peter Buckley, says it has just raised $5 million through a public offering on the stock exchange.
He says about half the money will be used to accelerate its drilling program, to help determine the quality of the iron ore.
"This money now means that we can press ahead," he said.
"We are meeting this week with the drilling contractor about negotiating a start time, which hopefully will be in the middle part of this month and that means we'll be able to hit the ground running.
"The process going forward will be an accelerated program of drilling, air core drilling to assess these paleo-channel areas to determine how much iron ore is there and what sort of marketable quality it is."
PTS Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
