Golden West up on Joyners Find resultsThe West Australian...

Golden West up on Joyners Find resultsThe West Australian
November 13, 2009, 8:12 am
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Shares in Golden West Resources leapt higher after the company reported high grade hematite mineralisation at its Joyners Find project in the Mid West and said it would begin mining before the end of calendar 2010.

Among recent drilling results was an intercept of 9m at 69.3 per cent iron with "almost no impurities".

"Recent drilling has confirmed that GWR's Joyners Find deposit contains some of the highest grade iron available anywhere in WA," the company said in a statement.

"These results confirm the board's decision to implement the company strategy of developing a premium direct shipping ore mine based on Joyners Find."

Golden West said a program of metallurgical testwork, resource modelling and mine design (including pit optimisation studies), had begun.

"The next steps include submitting a mining proposal to the Department of Mines and Petroleum and investigating and modelling the commercial viability of early production being exported through Esperance and other potential locations," it said.

"GWR is confident that production can begin prior to the end of the 2010 calendar year."

Golden West shares were up seven cents, or 16.87 per cent, to 48.5 cents.