Atlas Iron Limited (ASX:AGO) Quarterly Report For The Period Ending 30 September 2009
Perth, Oct 29, 2009 AEST (ABN Newswire) - Atlas Iron Limited (ASX:AGO) is exporting iron ore through the port of Port Hedland and actively exploring for Direct Shipping Ore (DSO) in the Pilbara of Western Australia. With a growing number of high quality iron ore projects and one of the largest exploration landholdings in the Pilbara, the Company has the resources to underpin rapid expansion plans in the North Pilbara over the next three years. In the longer term Atlas is seeking to expand its operations into the Newman area, through its planned merger with Warwick Resources Limited which is expected, subject to Warwick Resources shareholder and optionholder approval, to be completed in mid-December 2009.
While exporting iron ore from the Pardoo mine (Atlas' first mine development), Atlas is also active in feasibility assessment, new acquisitions, target generation and grass roots exploration. Ongoing project definition through acquisition, exploration and feasibility studies has delivered a strong project pipeline which the Company considers has the potential for a production rate of 12 million tonnes per annum of Direct Shipping Ore (DSO) by 2012.
As the Company demonstrates its capacity to discover, assess and develop, it is well positioned to advance a number of projects concurrently, with the intention to both expand the Company's production base and extend mine life.
Corporate
At the end of the September 2009 quarter Atlas Iron Limited had 399,665,521 shares on issue.
The top 20 shareholders hold approximately 60% of the issued capital. Since the end of the quarter report the Company has issued 45,000 shares pursuant to the exercise of unlisted options.
As at 30 September 2009, the Company had $154 million of cash on hand.
Since the last quarterly report the Company has issued 56,834,808 shares. The shares were issued as follows:
- Completion of allotment under Tranche 1 of June 2009 capital raising - 2,086,000
- Allotment under Tranche 2 of June 2009 capital raising - 33,539,568 shares
- Allotment of Share Purchase Plan shares - 10,704,240 shares
- Exercise of options - 9,805,000 shares
- Issues to Hannans Reward Limited pursuant to Warwick Resources Limited / Hannans Reward Limited agreement - 700,000 shares.
For the complete Atlas Iron Quarterly Report for the period ending 30 September 2009, please click the link below:
http://www.abnnewswire.net/media/en/docs/61662-ASX-AGO-466526.pdf
About Atlas Iron Limited
Atlas Iron Limited (ASX:AGO) is an independent Australian iron ore company, mining and exporting Direct Shipping Ore (DSO) from its operations in the Northern Pilbara region of Western Australia. Since listing on the ASX in late 2004, Atlas has grown rapidly and is now a member of the ASX100 index.
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