15/01/2009 - 10:40

Atlas Iron up on maiden Anson resource

15/01/2009 - 10:40

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Junior iron ore producer Atlas Iron says the company has compiled a maiden resource for the Anson deposit at its Wodgina project in Western Australia.

Atlas Iron up on maiden Anson resource

Shares in Atlas Iron have risen in an otherwise dark day for the broader market as the junior releases the maiden resource for the Anson deposit at its Wodgina iron ore project in Western Australia.

Atlas Iron has delineated an 8.1 million tonne inferred iron ore resource at Anson, just two months after the company started drilling at the project.

Shares in the company rose 3.5 cents to $1.435 as the S&P/ASX 200 index fell 3.5 per cent at noon.

"The exploration potential of the North Pilbara region is largely untapped. This region was overlooked by the majors and we cant wait to get in there and drill a few more holes," Atlas Iron managing director David Flanagan said in a statement.

Wodgina is 100 kilometres south of Port Hedland in the Pilbara region of WA.

The company said it remains on track to update the resources and reserves across all of its projects by the end of January.

Atlas Iron operates the modest Pardoo mine in the Pilbara, which is expected to export one million tonnes of iron ore over the next twelve months.

 

 

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