Perth, Aug 1, 2007 AEST (ABN Newswire) - Polaris Metals NL (ASX: POL) Western Australian iron ore development opportunities advancing on two fronts, namely;
Poondano Project
- Current pre-feasibility study assessing 1.25-2.50Mtpa operation;
- 10-15Mt target potential, with recent sampling of CID in mesas validating commercial iron grades;
- Located only 30km from Port Hedland public access port development.
Yilgarn Iron Ore Project
Current exploration and economic evaluation of 100-125Mt direct shipping iron ore target potential, including:
- Three recent iron ore discoveries, Carina, Chamaeleon and Vela in 100%-owned Polaris tenements, collectively with 40-60Mt target potential;
- 60-65Mt of mineralisation in Bungalbin iron ore deposits (see Notes* in attached PDF);
- Located 60km north of Koolyanobbing operations of Portman Limited.
Spin-off Southern Cross Goldfields Limited (SXG)
Combining gold and base metals assets of Polaris and International Goldfields Ltd (ASX: IGC) in Southern Cross greenstone belts;
- Independent Board appointed and Key personnel engaged;
- Targeting late 2007 listing followed by in specie share distribution to Polaris shareholders.
Farm-out of salt rights in Onslow tenements
Possible development of a new solar salt project;
- Polaris 50% free carried for the first A$10 million of expenditure on assessment and establishment.
Please click the links below to view the PDF versions of the Fourth Quarter Activities and Cashflow Report:
Fourth Quarter Activities Report
http://abnnewswire.net/lnk/UR4A269M
Fourth Quarter Cashflow Report
http://abnnewswire.net/lnk/78424294
Contact
Polaris Metals
Level 2, 123A Colin Street
West Perth WA 6005
Ph: +61 8 9481 3030
Fax: +61 8 9481 3031
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