Golden West shares up 40pc

GOLDEN West Resources Ltd gained 63 cents per share, or 40 per cent, to hit $2.20 each earlier this week after the completion of a $7.5 million capital raising. The company attributed the rise in the share price, which has since settled back below $2, to the deal in its response to an Australian Stock Exchange query into the jump from $1.35 on August 18 to $2.20 on August 21. Golden West said the money raised would be used to outline a Joint Ore Reserves Committee reserve between three million and five million tonnes on the its Wiluna West iron project of high-grade hematite. The second stage would involve the development of a major iron ore project of 150mt to 200mt on the site.

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