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Niagara steadies after rise, query

SHARES in Subiaco-based Niagara Mining Ltd have steadied around $1.45 each this week after a surge last week, which prompted an Australian Stock Exchange share price query. The share price of Niagara, which is to be chaired by Andrew Forrest subject to shareholder approval, has risen from $1.13 two weeks ago to hit a peak of $1.79 on the release of positive drilling results from its Windarrra project. In responding to the ASX query, Niagara said the announcement did not compromise its confidentiality obligations, despite knowing about them a month before. Also last week, Niagara responded to another ASX query into an earlier price rise, but with no mention of the drilling results – instead referring to changes in significant holdings and a recent $8.6 million capital injection. In the second query, Niagara was asked why it had not mentioned its drilling results in its previous response. Niagara company secretary Ross Kestel said the company had become aware of some features of the drilling results on or around April 10 but was not in a position to alert the market. Mr Kestel also said he did not believe a trading halt was appropriate or necessary for the announcement.

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