Aquila shares jump on iron ore drilling results

Aquila Resources Ltd's share price jumped more than 20 per cent today after the company announced a significant upgrade of the iron ore resource at its half-owned West Pilbara project.

Aquila's share price rose $2.10 to a high of $11.50 after the company lifted its trading halt.

It announced that the API project has total iron ore resources of 493 million tonnes.

This is an increase of 227mt from the previous estimate released in May 2007.