Atlas Iron Limited: 50% Increase In North Pilbara Reserves
19.08.2011 | ABN Newswire
09:39 AEST Aug 19, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Atlas Iron Limited (ASX:AGO) is pleased to announce a 50% increase in DSO Reserves, to 79.3Mt at 57.8% Fe, for its North Pilbara Projects. The increase is inclusive of depletion from mining in the past 12 months.
The North Pilbara projects comprise the Pardoo and Wodgina mining operations as well as the Mt Dove, Abydos, Mt Webber and McPhee Creek development projects.
Atlas is now exporting consistently at a rate of 6Mtpa and is targeting a ramp up to an export rate of 12mtpa by December 2012, as it commences mining at its other North Pilbara projects being Mt Dove, Abydos and Mt Webber.
'Atlas is now an established iron ore producer and exporter with strong customer relationships. The company has achieved significant growth in resources and reserves in the same period where we expanded production by 600%' Managing Director David Flanagan said. 'The whole team are to be congratulated on a brilliant result.'
Atlas is continuing to focus on Reserve conversion in the North Pilbara with up to five drill rigs in the field and a particular emphasis on upgrading inferred resources at McPhee Creek. Further infill drilling designed to extend and upgrade resources is underway or proposed at Wodgina, Abydos and Mt Webber.
Further detailed results contributing to the Company's Reserves as well as the Resource Estimate can be viewed at:
http://media.abnnewswire.net/media/en/docs/69057-ASX-AGO-553795.pdf
About Atlas Iron Limited:
Atlas Iron Limited (ASX:AGO) is mining and exporting from its 100%-owned Pardoo and Wodgina Iron Ore projects, located 75 kilometres and 110km by road from Port Hedland in the Pilbara region of Western Australia. In the 2009/10 financial year Atlas shipped over 1.2 million tonnes of Pardoo Direct Shipping Ore (DSO). Atlas is expanding its production from its Wodgina and Pardoo DSO mines following the commissioning of the Utah Point port facility and is targeting exports at an annualised rate of 6 million tonnes by the end of 2010. When combined with additional export tonnages from its Abydos & Mt Webber DSO Projects, the Company is targeting exports at an annualised rate of 12 million tonnes during 2012.
Contact:
David Flanagan
Managing Director
Atlas Iron Limited
Ken Brinsden
Chief Development Officer
Atlas Iron Limited
Telephone: +61-8-9476-7900
http://www.atlasiron.com.au