Junior wins against FMG over iron ballot

West Perth-based Hemisphere Resources Ltd has fended off the likes of Fortescue Metals Group Ltd and Brockman Iron Ltd to win a ballot for a Pilbara iron ore tenement close to Rio Tinto's Yandicoogina mine.

Shareholders were wrapped with the news, pushing Hemisphere's share price up 135 per cent to close at 27 cents today.

The full announcement is below:

The Directors are pleased to announce that Hemisphere Resources Limited has secured priority exploration licence application E47/1904 of approximately 16sq km in the Pilbara region of Western Australia. Hemisphere won the ballot ahead of six applicants including Fortescue Metals Group Limited and Brockman Iron Limited.

The property was keenly sought as it lies some 6km south of Yandicoogina iron ore mine (Rio Tinto Ltd) and covers part of the Yandicoogina Creek drainage system. Hemisphere will systematically evaluate the extent of iron mineralisation on the property.

As an active exploration company, Hemisphere selectively assesses opportunities that have the potential to add shareholder value.