Iron Ore Holdings Makes Find Near Rio Tinto's Mesa J Mine
06 December 2011 - 11:04AM
Dow Jones News
Iron Ore Holdings Ltd. (IOH.AU) said Tuesday it has made a large
magnetite discovery within 10 kilometers of Rio Tinto PLC's (RIO)
Mesa J iron ore mine in Australia's remote Pilbara region.
Drilling in a six kilometer by two kilometer area on the Mt.
Dempster prospect indicates an exploration potential of between 2
billion and 3 billion metric tons, the exploration company said in
a statement to the Australian securities exchange.
IOH said it is preparing for a second phase of drilling in early
2012 to define the mineral resource, and will begin planning a
study to determine detailed metallurgical properties of the
magnetite and practical options for mining and infrastructure
connections.
The company owns a portfolio of iron ore tenements and projects
in the Pilbara region of Western Australia state, all located near
existing and planned mines and infrastructure. It currently has an
estimated mineral resource of 933.8 million tons.
At 2329 GMT, IOH's shares were trading 0.4% higher at A$1.25
amid a decline in the broader market.
-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094;
robb.stewart@dowjones.com
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