ITT strong gain on iron potential Australasian Investment Review
Sydney, Oct 18, 2007 (ABN Newswire) - Shares in InterMet Resources (ITT) rose by as much as 111% at one point today after the multicommodity exploration company confirmed the iron potential of its Paddy Lease, part of the company's Munderra Project in Mount Garnet, Queensland. "Mapping and sampling within the Paddy area shows the magnetite outcrops across a relatively large zone and may represent a significant body of magnetite especially if it were to continue under cover along strike," said managing director of InterMet, Gary Ferris. "The Paddy prospect has never been assessed as a potential iron ore prospect and with excellent nearby infrastructure, strong demand and high prices for iron ore, InterMet is looking to fast track the full assessment of the prospect. The Mundarra project was acquired by Intermet earlier this year and has a focus on iron as well as copper, gold and base metals. On Monday, InterMet also signed a purchase agreement for a Mining lease application in Queensland. The tenement is located 10km north of the mining centre of Mount Garnet and is part of a major new exploration push by InterMet into this highly mineralised province in north Queensland. Mr Ferris said InterMet is also looking at other projects in the region with the ain of establishing a strong exploration presence in Queensland to complement its South Australian projects. InterMet plans drill this project as soon as possible after the Lease is granted. More than 13 million InterMet shares changed hands today. Its average daily volume is 34,000. The stock rose by 13 cents to close the day at 30 cents.
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