14/12/2005 - 12:44

Juniors keep on making iron ore moves

14/12/2005 - 12:44

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The junior iron sector keeps on humming with Gindalbie Metals Ltd (appoints project head) , Thundelarra Exploration Ltd (launches spin off) and Jupiter mines Ltd (buys Yilgarn tenements) all making key announcements.

The junior iron sector keeps on humming with Gindalbie Metals Ltd (appoints project head) , Thundelarra Exploration Ltd (launches spin off) and Jupiter mines Ltd (buys Yilgarn tenements) all making key announcements.

  • Gindalbie announced the appointment of industry professional, Peter Freund, as general manager of the company's Mt Karara magnetite project.
  • Thundelarra said its iron ore subsidiray United Gold Ltd plans to change its name to Royal Resources Ltd, raise at least $2.9 million and seek an ASX listing.
  • Jupiter has acquires option over the Mt Mason hematite iron ore project in the Yilgarn.

 

Below are listed all three announcements:

 

APPOINTMENT OF PETER FREUND AS GENERAL MANAGER - MT KARARA MAGNETITE PROJECT

 

Western Australian iron ore group, Gindalbie Metals Ltd (ASX: GBG), today announced a further key step in its emergence as a substantial iron ore producer with the appointment of highly respected industry professional, Mr Peter Freund, as General Manager of the company's Mt Karara magnetite project.

 

Mr Freund is a mechanical engineer and a Fellow of both the AusIMM (Chartered Professional - Mgmt), the Australian Institute of Management, with a depth of mine development, ore processing and marketing experience gained over 30 years, including with BHP Whyalla Steel & Minerals (now OneSteel) as Construction/Commissioning Engineer at its iron ore pellet plant. His most recent position has been that of Executive Project Development Manager with Thiess Pty Limited in Australia, where he worked with the management of Australia's only fully integrated steel maker to define viable concepts for development of their magnetite resources. As a result Mr Freund was successful in having Thiess selected to complete the feasibility study and as the contractor to build the beneficiation facilities, dedicated slurry transportation system and related export facilities, now under construction for that group.

 

Over his 30 year career, Mr Freund has filled a number of executive positions with responsibility for new business development in heavy industry, mining and mineral processing projects with BHP and MIM Holdings. During the last 17 of those years, he has had executive responsibility reporting to the Board for projects with a total combined capital cost exceeding US$1.8 billion and involving international joint ventures, namely the Oaky Creek Coal Joint Venture, McArthur River Mining and Minera Alumbrera Limited - Argentina.

 

Associated roles undertaken as part of these positions have included Director of the Dalrymple Bay Coal Terminal, including Chairman 1989/90, Deputy Chairman of the then Australian Coal Association Export Committee, Executive Member of the Queensland Coal Association, Private Industry Representative at Government Bilateral Minerals & Energy Meetings (Australia/Korea), Vice Chairman of the Argentine Chamber of Mining Entrepreneuus and Chairman of Yacimientos Mineros de Agua de Dionisio- Minera Alumbrera Union Transitorio de Empresas.

 

Gindalbie's Managing Director, Mr David McSweeney, said the Board was delighted to have secured an executive of the calibre of Peter Freund to head up the team developing the Company's $800 million Mt Karara magnetite project, particularly in light of the current skills shortage in the resources sector.

 

Mr McSweeney added "Mr Freund's appointment is very timely given the Company has commenced discussions with Thiess Pty Ltd in respect to entering a strategic alliance on the Mt Karara magnetite project construction and project delivery which would involve a high level of participation in the upcoming bankable feasibility study"

 

"Peter's industry experience, particularly in relation to pellet plant construction and commissioning, as well as his involvement in international joint ventures and marketing will be invaluable in achieving our goal of building a significant Australian iron ore producer and exporter."

 

 

 

Jupiter acquires option over the Mt Mason hematite iron ore project in the Yilgarn,
located 100km from the Leonora to Esperance railway.

Jupiter mines Limited is pleased to announce the purchase of an option over the Mount
Mason Iron Ore Project, located approximately 112km northwest of Menzies and 95km
west of Leonora in West Australia.

The deposit is located approximately 100 km by road from the existing railway from
Menzies to Esperance and the available capacity and loading facility at the Port of
Esperance.
The port of Esperance has a capacity of 8.0 millions tonnes of iron ore per year. Portman
Mining Limited currently use 5.0 million tonnes of this capacity, potentially leaving
adequate capacity available for Jupiter, should an operation prove viable.

Previous mapping and sampling in 1969 by BHP yielded average assay figures of 62.8%
Fe with 0.042% phosphorus, but the tonnage was considered too small for BHP.

Recent mapping by the vendor has determined that the hematite body at Mt Mason
outcrops over some 64,700square metres, while sampling averaged 64.27% Fe, 3.97%

Silica, 1.19% Al2O3, and 0.053% Phosphorous. Based on this data, the Mt Mason
deposit has the potential for several million tonnes of high grade hematite.

The nearest iron ore production is at the Windarling deposit of Portman Mining, which is
120km to the southwest. Windarling is 100km north of Portman's loadout facility at
Koolyanobbing. Portman exports its iron ore from the port of Esperance.

Although the size of the Mt Mason deposit is modest, it offers JMS shareholders the
opportunity to participate in the current booming demand for direct shipping iron ore.


UNITED GOLD LTD ­ NEW IPO WITH GOLD AND IRON ORE FOCUS United Gold Ltd ("United Gold") was formed as a spin off from Thundelarra Exploration Ltd
("Thundelarra") and incorporated on 23 February 2004 with United Gold acquiring all of Thundelarra's gold and iron ore tenements. The sale of the various assets by Thundelarra involved a
capital reduction in Thundelarra and an in specie distribution of shares held by Thundelarra in United Gold to Thundelarra shareholders.
A proposed Australian Stock Exchange Ltd listing by United Gold at that time did not proceed due to
the market downturn. Thundelarra has continued to provide loan funds to United Gold during 2005
to enable United Gold to continue exploration on its various tenements.

Thundelarra has now been advised by United Gold that the strong change in investment climate has
encouraged the Directors of United Gold to seek listing of the Company. It is proposed that United
Gold's name will be changed to Royal Resources Limited at a general meeting to be held in January
2006. It is also proposed that the IPO will be by way of a non-renounceable rights issue to United
Gold shareholders on the basis of 1 new share at an issue price of 20 cents for every 2 shares held
together with 2 free attached options to raise a minimum of $2.87 million. An additional placement to raise up to $1 million is also proposed.
The Lead Manager and Underwriter will be Patersons Securities Limited which will (subject to the
usual terms and conditions) underwrite the minimum raising of $2.87 million and will ensure shareholder spread.
Along with the existing gold tenements, platinum and base metal prospects, the United Gold holds a
large area of the important South Murchison iron ore province with large hematite and magnetite
occurrences in and around the Fields Find project tenements. Recent work has identified banded iron
formation horizons similar in appearance both geologically and geophysically to those that host the
major resources in the mid west region of Western Australia. Suite 2, Level 3, IBM Building 1060 Hay St, West Perth

 

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